Rupee falls 7 paise to 82.11 against US dollar

The value of the rupee fell 7 pounds to 82.11 against the US dollar in early trading on Wednesday, affected by flat crude oil prices and the negative trend in local stocks.

Forex traders said that foreign money outflows and the strengthening of the US currency in overseas markets dampened investor sentiment.

technicians – Weekly Rupee View: The Indian Rupee may consolidate this week

In the interbank foreign exchange market, the local unit opened weakly at 82.10 against the dollar, then fell to 82.11, registering a decrease of 7 pounds from its last close.

On Tuesday, the rupee settled at 82.04 against the dollar.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.04 percent to 101.78.

Brent crude futures, the global oil benchmark, fell 0.18 percent to $84.62 a barrel.

CR Forex Advisors MD-Amit Babari said that the USDINR pair is holding well above the 82.00 mark and is waiting for new catalysts to indicate its move above 82.20 levels.

Babari further added that the widening deficits, high oil prices, and the pressure of interest rate differentials between the US and India are laying the ground for new rounds of outflows from the Indian bond market.

In the local stock market, the 30-share BSE Sensex traded 71.9 points, or 0.12 percent, at 59,655.11 points. The broader NSE Nifty index fell 15.70 points, or 0.09 percent, to 17,644.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday unloading shares worth Rs 810.60 crore, according to exchange data.