Rupee falls 8 paise to 82.76 against US dollar
the rupee Its price fell 8 pounds to 82.76 against the US dollar in early trading on Thursday, affected by the strength of the US currency in foreign markets.
In the interbank foreign exchange market, the local unit opened at 82.76, recording a decrease of EGP 8 from its last close.
On Wednesday, the rupee settled at 82.68 against the dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.14 percent to 104.02.
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“In overseas markets, US dollar index started flat to marginally stronger above $104 levels Thursday morning in Asian trade supported by safe-haven demand,” said Sriram Iyer, Senior Research Analyst – Commodities and Currency, Reliance Securities Limited.
Iyer added that the Chinese yuan continued to weaken further, and general risk aversion will limit the domestic unit’s upside.
Brent crude futures fell 0.05 percent to $78.32 a barrel.
On the local stock market, the 30-share BSE Sensex was trading down 27.21 points, or 0.04 percent, at 61,746.57. The broader NSE Nifty index fell 5.90 points, or 0.03 percent, to 18,279.50.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday, buying shares worth Rs 1,185.84 crore, according to exchange data.