Currency Market News, October 24: Rupee turns flat at 84.07 against US dollar

The rupee stayed level astatine 84.07 against the US dollar successful aboriginal commercialized connected Thursday amid elevated crude lipid prices and continuous withdrawal of overseas funds from superior market.

However, the section portion recovered immoderate cushion arsenic the dollar retreated from its higher level portion the home equity markets indicated a recovery, forex traders said.

At the interbank overseas exchange, the rupee opened astatine 84.06 against the greenback and slipped 1 paisa to commercialized astatine erstwhile day's closing level successful archetypal deals.

On Wednesday, the rupee had settled with a marginal summation of 1 paisa astatine 84.07 against the US dollar.

The section currency has been struggling to retrieve since October 11, erstwhile it closed astatine its lowest level of 84.10 against the dollar.

Analysts said the selling unreserved by overseas investors successful pursuit of amended gains from the Chinese marketplace has been preventing rupee's recovery, portion higher US treasury yields has triggered the fearfulness of slower involvement complaint chopped by the Federal Reserve.

Amid uncertain geopolitics weeks up of the US statesmanlike predetermination besides steered investors towards safe-haven bets, they said.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, fell marginally by 0.07 per cent but remained elevated astatine 104.20.

Brent crude, the planetary benchmark, roseate 1.27 per cent to USD 75.91 per tube successful futures trade.

On the home equity marketplace front, Sensex roseate 68.86 points, oregon 0.09 per cent, to 80,150.84 points. The Nifty slipped 23.50 points, oregon 0.10 per cent, to 24,412.00 points.

Foreign organization investors (FIIs) were nett sellers successful the superior markets connected Wednesday, arsenic they offloaded shares worthy Rs 5,684.63 crore, according to speech data.