Rupee falls 5 paise to close at 82.02 against US dollar

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the rupee It fell by EGP 5 to close at 82.02 (temporary) against the US dollar on Friday amid the greenback’s strength against major competitors abroad and negative sentiment in stock markets.

The influx of foreign money from local stocks has also put pressure on the local unit. However, the sharp drop in crude oil prices tempered the decline in the Indian currency, analysts said.

Anuj Chaudhary, Research Analyst at Sharekhan by BNP Paribas, said: “FII outflows also weighed on the local currency while an overnight slide in crude oil prices tempered the bearish trend. The dollar strengthened overnight on hawkish comments from US Federal Reserve Chairman Jerome Powell. “.

In the interbank foreign exchange market, the local currency opened weak at 82.05 against the dollar. The unit reached today’s high at 82.00 and the lowest at 82.07 during today’s trading. The currency finally stabilized at 82.02 (temporary) against the US dollar, recording a decrease of 5 pounds from the previous close.

On Thursday rupees It settled at 81.97 against the dollar.

Chaudhary said the Indian currency is likely to see more volatility in the near term as participants may remain cautious while awaiting PMI data from the US.

“A strong dollar and concerns about global growth may put more pressure on the rupee. Most of the global central banks have raised interest rates, which indicates that inflation remains a global problem. However, weak crude oil prices may support the rupee at lower levels. Going forward, traders may remain wary of the US PMI. We expect USD/USD spot to trade between 81.50 to 82.40 in the near term.”

The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.63 percent, at 103.03.

Brent crude oil price benchmark fell 1.29% to $73.18 a barrel.

In the local stock market, the 30-share BSE Sensex index fell 259.52 points, or 0.41 percent, to close at 62,979.37, and the broader Nifty index fell 105.75 points, or 0.56 percent, to close at 18,665.50.

Foreign Institutional Investors (FIIs) They were net sellers in the capital markets on Thursday unloading shares worth Rs 693.28 crore, according to exchange data.