Indian Rupee falls by 12 paise against US Dollar
The Indian rupee has depreciated 12 paise to 82.66 against the US dollar in early trade today i.e. on Thursday, weighed down by sustained foreign fund outflows and a muted trend in domestic equities.
According to the forex traders, the firm crude oil prices and a strong American currency further dented investor sentiments. Moreover, at the interbank foreign exchange, the domestic unit opened weak at 82.59 against the dollar and then fell to 82.66, registering a decline of 12 paise over its last close.
Also Read: Rupee Gains 4 Paise To 82.66 Against US Dollar In Early Trade
Taking notes from the previous session held on Wednesday, the Indian rupee appreciated 16 paise to close at 82.54 against the US dollar after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05 per cent to 103.36.
Despite the unchanged prices of oil rates, crude oil has always seen fluctuations. As per today’s trade the Brent crude futures, the global oil benchmark, declined 0.01 per cent to USD 85.08 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 177.7 points or 0.29 per cent lower at 60,486.09. The broader NSE Nifty declined 81.65 points or 0.46 per cent to 17,790.05.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 736.82 crore, according to exchange data.
Earlier, on Tuesday, the rupee rose 6 paise to close at 82.70 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.10 per cent to 103.33. Brent crude futures, the global oil benchmark, advanced 0.18 per cent to USD 83.84 per barrel. The Reserve Bank of India’s monetary policy decision on Wednesday will be closely watched by investors for further cues and there are expectations that the repo rate will be hiked by 25 basis points.
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