Rupee falls 7 paise to close at 82.75 against US dollar

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the rupee It fell 7 pounds to close at 82.75 (temporary) against the US dollar on Thursday, affected by the strength of the US currency in foreign markets.

In the interbank foreign exchange market, the local unit opened at 82.76 against the dollar, and finally settled at 82.75 (temporary), down 7 pounds from its previous close.

During the day, the rupee touched a high of 82.70 and a low of 82.78 against the dollar.

On Wednesday, the rupee settled at 82.68 against the dollar.

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The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.13 percent to 104.02.

Brent crude futures, the global oil benchmark, fell 1.47 percent to $77.21 a barrel.

According to Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, the rupee depreciated due to weak local stocks and strong US dollar.

The US dollar rose to a 10-week high and breached 104 levels on safe-haven demand as the debt ceiling impasse soured market sentiment. The bullish federal language also supported the greenback.

“We expect the rupee to trade with a negative bias to risk aversion in global markets and a strong US dollar. The debt ceiling impasse is worrying the markets as the June 1 deadline approaches. Crude oil prices may recover over the past few days. It also affects the local currency.” Chowdhury said.

However, FII inflows may support the rupee at lower levels.

Traders may remain cautious ahead of the US GDP, weekly jobless claims and pending home sales data. Investors may also be watching the progress of debt ceiling negotiations. He added, “We expect the US dollar to trade against the Indian rupee between 82.30 and 83.30 in the near term.”

On the domestic stock market front, 30-share BSE Sensex It closed up 98.84 points, or 0.16 percent, at 61,872.62 points. the widest NSE Nifty It advanced 35.75 points, or 0.2 percent, to 18,321.15 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital markets on Wednesday buying shares worth Rs 1,185.84 crore, according to exchange data.