Rupee falls 11 paise to close at 82.02 against US dollar

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The rupee pared its initial gains and settled for the day, down 11 pounds, to close at 82.02 (tentative) against the US dollar on Tuesday amid buying deals from oil importers and hedgers.

However, the positive tone in the domestic markets, where benchmark indices saw record highs and steady inflows of foreign funds, supported the rupee at low levels.

In the interbank foreign exchange market, the local unit opened at 81.90 against the dollar and settled at 82.02 (temporary), down by 11 pounds from its previous close.

During the day, the rupee touched a high of 81.87 and a low of 82.03 against the dollar.

On Monday, the rupee was stable at 81.91 against the dollar.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.01 percent to 102.99.

Brent crude futures, the global oil benchmark, advanced 1.22 percent to $75.56 a barrel.

Dilip Parmar, Research Analyst, HDFC Securities, said.

USDINR spot has been hovering around the 200-day simple moving average since June 16, lacking directional movement, Parmar said, adding, “We believe the pair is expected to consolidate between 81.60 to 82.30 in the coming weeks.” On the local stock market front, the 30-share BSE Sensex index closed down 274.00 points, or 0.42 percent, at a lifetime high of 65,479.05 points. The broader NSE Nifty advanced 66.45 points, or 0.34 percent, to an all-time high of 19,389.00 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday buying shares worth Rs 1,995.92 crore, according to exchange data.