Rupee falls 10 paise to close at 82.31 against US dollar

the rupee Its price decreased by 10 pounds to close at 82.31 (temporarily) against the American currency on Monday, as the strength of the American currency in the foreign market and the stability of crude oil prices affected investor sentiment.

In the interbank foreign exchange market, the rupee opened at 82.44 against the dollar and closed at 82.31 (temporary), recording a drop of 10 pounds from its previous closing at 82.21.

During the session, the local unit touched its highest level during the day at 82.31 and 82.46 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.08 percent, at 102.58.

Global benchmark Brent crude futures rose 5.28 percent to $84.11 a barrel.

According to Anuj Chowdhury, Research Analyst at Sharekhan by BNP Paribas, the rupee depreciated on the back of a strong dollar and a weak local market.

Meanwhile, a decision was made OPEC + to cut crude oil production led to a sharp rise in global crude oil pricesAnd renewed inflation fears.

“Core personal consumption expenditures (PCE) inflation showed subdued inflation in the US, raising expectations that the US Federal Reserve may be at the end of its rate hike cycle. However, the upbeat macroeconomic data tempered the downside,” Chaudhry said.

India Standard & Poor’s Global The Manufacturing Purchasing Managers’ Index (PMI) increased from 55.3 in February to 56.4 in March, indicating the strongest improvement in operating conditions in 2023 so far.

“We expect the Indian rupee to trade with a negative bias with the rise in the dollar and the rise in crude oil prices. This may affect the recovery of the global economy,” Chowdhury said.

Investors are likely to remain cautious ahead of this Reserve Bank of India monetary policy decision And the US jobs market report later this week.

The Reserve Bank of India’s rate-setting committee on Monday kicked off its three-day meeting amid expectations that the central bank may proceed with a benchmark interest rate hike of 25 basis points, possibly the last in the current monetary tightening cycle that began in May 2022.

30 servings BSE Sensex closed up 114.92 points, or 0.19 percent At 59,106.44 points, while the broader NSE Nifty advanced 38.30 points, or 0.22 percent, to 17,398.05 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Friday buying shares worth Rs 357.86 crore, according to exchange data.