Rupee falls 4 paise to 82.67 against US dollar

the rupee It fell 4 pesos to 82.67 against the US dollar in early trade on Tuesday, tracking the greenback’s strength against major competitors abroad.

Forex traders said that the downward movement in crude oil prices and foreign money inflows limited the Indian currency’s decline.

Meanwhile, the dollar strengthened as investors were optimistic about a preliminary agreement between US President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is likely to face a vote on Wednesday before it closes.

Traders were also watching the US Nonfarm Payroll data which will be released on Friday.

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The rupee traded in a narrow range and volatility remained low as most market participants remained on the sidelines after the US market holiday. On the other hand, the dollar fell after initial talks between Republicans and Democrats succeeded.

“Today, the focus will be on the consumer confidence number from the US and that is likely to drive dollar volatility; it will also be important to watch for further updates on the debt ceiling vote. We expect USDINR (spot) to trade sideways and in the 82.40 and 82.40 range. 82.80,” said Gaurang Somaiya, forex and bullion analyst at Motilal Oswal.

In the interbank foreign exchange market, the local unit opened flat at 82.63 against the dollar and recorded the lowest level at 82.69. Later, it touched 82.67, marking a decrease of 4 piasters from its previous close.

On Monday, the rupee closed at 82.63 against the greenback.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.09 percent to 104.30.

Brent crude futures fell 0.61 percent to $76.60 a barrel.

In the domestic stock market, 30 shares BSE Sensex It advanced 123.87 points, or 0.20 percent, to 62,970.25. the widest NSE Nifty It rose 35.50 points, or 0.19 percent, to 18,634.15 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Monday buying shares worth Rs 1,758.16 crore, according to exchange data.