The rupee loses 19 paise to 82.41 versus the US dollar
The Indian rupee depreciated by 19 paise against the US dollar in early trading on Wednesday due to a negative trend in domestic equities and firm crude oil prices, which impacted investor sentiments. Forex traders attribute the rupee’s decline to the strength of the US dollar and foreign fund outflows in recent days.
The rupee opened at 82.38 against the dollar and touched 82.41, marking a 19-paise drop from its previous close of 82.22 on Tuesday. The dollar index, which measures the dollar’s strength against other major currencies, decreased by 0.10% to 102.19.
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP predicts that the rupee will likely remain range-bound after its weaker opening, as oil companies are purchasing dollars amid firm crude oil prices. The global oil benchmark, Brent crude futures, increased by 0.84% to USD 85.62 per barrel.
In the Indian stock market, the BSE Sensex was down by 354.29 points or 0.53%, trading at 66,105.02, while the NSE Nifty declined by 106.30 points or 0.54% to 19,627.25.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, selling shares worth Rs 92.85 crore, according to exchange data.
