Rupee falls 1 paisa to 82.10 against US dollar

The rupee fell 1 paisa to 82.10 against the US dollar in early trade on Wednesday, tracking the strength of the dollar and the withdrawal of foreign funds from local stocks.

Forex dealers said the upward movement in oil prices weighed on the domestic unit.

In the interbank foreign exchange market, the domestic unit opened lower at 82.13 but recovered further to touch a peak at 82.07. The currency later turned tepid and was trading at 82.10 per dollar, down 1 paisa from its previous close.

On Tuesday, and The rupee settled at 82.09 against the dollar.

“The upside moves were weak after achieving the target of 82.15, which we have been playing for the past two days. We are encouraged to follow the extended rise, which aims at 82.2-82.25, and we prefer to do so on dips, but slipping after 82.04 may make 81.9 vulnerable again,” said Anand James. , chief market strategist at Geojit Financial Services, on his outlook on USD-INR.

Meanwhile, the dollar index rose 0.02 percent to 102.57.

Brent crude was trading up 0.26 percent at $76.10 a barrel.

In the local stock market, BSE Sensex advanced 185.17 points, or 0.29 percent, to 63,512.87, while NSE Nifty rose 38.75 points, or 0.21 percent, to 18,855.45.

foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday selling shares worth Rs 1,942.62 crore, according to exchange data.