Rupee falls 4 paise to 82.63 against US dollar

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the rupee It was depreciated by 4 baisas, reaching 82.63 against U.S. dollar on Monday, tracking negative sentiment in the domestic and global equity markets.

Traders said that the sharp decline in crude oil prices resisted the decline in the Indian currency.

In the interbank foreign exchange market, the local unit opened stronger at 82.48 against the dollar. During the day, it rose to 82.45 and reached a low of 82.71. And it finally settled at 82.63 (temporary) against the American currency, recording a decrease of 4 pounds compared to its previous closing.

On Friday, the rupee settled at 82.59 against the US dollar.

According to Jateen Trivedi, VP Research Analyst at LKP Securities, after a positive opening, the rupee started to drift lower towards 82.60 due to continued selling by foreign institutional investors (FIIs) as traders around the world were worried about the scheduled US Federal Reserve policy decision. Wednesday.

He said, “Foreign investment contracts continued to be sold off, which kept the rupee weak once it opened positively on the back of a stronger dollar. The rupee will keep volatility high as the important Fed rate decision due on Wednesday will keep the rupee in its momentum.”

“Even then, the rupee range is between 82.35 and 82.75,” he added.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.03 percent at 103.69.

Brent crude futures, the global oil benchmark, fell sharply by 2.43 percent to $71.20 a barrel.

The trajectory of banking stocks across the US and Europe negatively affected investor sentiment around the world as concerted efforts by central banks failed to address the crisis faced by Credit Suisse and two US banks in the past week.

BSE Sensex, which includes 30 shares, closed down 360.95 points, or 0.62 percent, at 57,628.95 points, while the broader NSE Nifty index fell 111.65 points, or 0.65 percent, to 16,988.40 points.

Foreign Institutional Investors (FIIs) remained net sellers in the domestic capital market on Friday as they unloaded shares worth Rs 1,766.53 crore, according to exchange data.