Rupee falls 25 paise to 82.46 against US dollar

The value of the rupee fell 25 paisa to 82.46 against the US dollar in early trading on Monday, hit by a strong Crude oil Prices and a negative trend in domestic stocks.

In the interbank foreign exchange market, the local unit opened weakly at 82.44 against the dollar, then fell to 82.46, recording a decrease of 25 pounds from its last close.

On Friday, the rupee settled at 82.21 against the dollar.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.48 percent to 102.99.

Brent crude futures, the global oil benchmark, advanced 5.50 percent to $84.28 a barrel.

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“…Rupee rally will remain limited to 81.50-81.80 area where importers can target buying and uptrend, for now, will remain protected towards 82.70-82.90 area for this week,” CR Forex Advisors MD-Amit Babari said.

“With the holiday week shortened, the highlights will be the Reserve Bank of India (RBI) policy due on April 6, and the US payroll due on April 7,” Babari added.

the Monetary Policy Committee The Reserve Bank (MPC) will meet for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming up with its first fortnightly monetary policy for FY24.

The RBI has already increased the repurchase rate by a total of 250 basis points since May in a bid to contain inflation although it continued to stay above the central bank’s 6 per cent comfort zone most of the time.

On the domestic stock market, 30-share BSE Sensex It was trading at 64.56 points, down 0.11 percent, at 58,926.96 points. broader NSE elegant It decreased by 9.60 points, or 0.06 percent, to 17,350.15.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday buying shares worth ₹357.86 crore, according to exchange data.