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The Indian rupee depreciated to an all time low during the day, but ended slightly stronger at 85.01 per US dollar on a closing basis, due to the rebalancing of FTSE’s equity index and interventions from the Reserve Bank of India, traders said. The rupee hit a low of 85.10/$1 during the day, before closing at 85.01/$1, slightly stronger than its previous close of 85.07/$1, LSEG data showed. The currency declined 0.2% on a weekly basis. Intervention by the RBI at 85.10/$1 levels helped cap further depreciation in the rupee, traders said. “The rupee gained a little due to FTSE rebalancing inflows of about $ 1 billion and likely RBI intervention as the rupee gained from a low of 85.1/$1 to 85.01/$1,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors. The dollar index was slightly lower at 108.2, down 0.2% from the previous day, retreating from a two year high.Investors now wait for the US personal consumption expenditure (PCE) data expected later on Friday. Focus on US PCE data heightened after the US Federal Reserve pointed to a high inflation and scaled back rate cut projections for 2025.

Ministry of Defence has signed a contract with Larsen & Toubro Limited for procurement of 155 mm/52 calibre K9 VAJRA-T Self-Propelled Tracked Artillery Guns for the Indian Army under Buy (Indian) category at a total cost of Rs 7,628.70 crore. The contract was signed by senior officials of the Ministry and representatives of L&T in the presence of Defence Secretary Rajesh Kumar Singh in South Block, New Delhi on December 20, 2024, informed Ministry of Defence.Previously, Defence minister Rajnath Singh-led Defence Acquisition Council (DAC) on Tuesday gave 'acceptance of necessity' (AoN) for five capital acquisition proposals valued at over ₹21,772 crore.The ministry has given a go ahead to the armed forces to procure a variety of equipment, most of which will be manufactured in India. This includes the procurement of 31 new water jet fast attack craft for the Indian Navy. Designed for low intensity maritime operations, surveillance, patrol and search and rescue operations close to the coast, the craft are set to be bought following a competitive process.The council also approved the procurement of 120 Fast Interceptor Craft (FIC-1). These are capable to perform multiple roles, including escorting high value units such as aircraft carriers, destroyers, and frigates, submarines for coastal defence.The approval for the procurement of Electronic Warfare Suite (EWS) equipped with external airborne self protection jammer pods, next generation radar warning receiver and associated equipment for Su-30 MKI aircraft was also made. This system will enhance the operational capabilities of SU-30 MKI and protect it from enemy radars and related weapon system while carrying out a mission against enemy targets protected by Air Defence systems.The committee, further accorded AoN for procurement of six Advanced Light Helicopters (ALH) M (MR) for Indian Coast Guard to strengthen the coastal security and surveillance in the coastal areas.It has also accorded approval for the overhaul of T-72 & T-90 tanks, BMP- and engines of Sukhoi fighter aircraft which will enhance the service life of these assets.