Rupee falls 2 paise to 84.07 against U.S. dollar in early trade

Image utilized for typical intent only | Photo Credit: R. Ragu

The rupee opened connected a level enactment and depreciated 2 paise to 84.07 against the U.S. dollar successful archetypal deals connected Wednesday (October 30, 2024), weighed down by persistent overseas money outflows and muted home equities.

Forex traders said the spot of the American currency successful overseas markets dented capitalist sentiments, portion easing crude lipid prices and immoderate involution by the Reserve Bank of India (RBI) whitethorn enactment the section currency astatine little levels.

At the interbank overseas exchange, the rupee opened astatine 84.06 against the greenback. In the archetypal trade, it touched 84.07, down 2 paise from its erstwhile closing.

On Tuesday, the rupee gained 2 paise to settee astatine 84.05 against the U.S. dollar.

The section currency has been hovering astir its all-time debased level. Rupee touched its lowest closing level of 84.10 against the dollar connected October 11.

According to traders, the rupee remains nether aggravated pressure, chiefly owed to persistent overseas money outflows.

"The Indian rupee remains firmly range-bound, trading betwixt 83.90 and 84.10, with the RBI actively limiting immoderate upside question successful the pair. This controlled attack suggests the rupee is apt to proceed wrong this range, with a bias towards trading person to the little end," CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading astatine 104.31.

Brent crude, the planetary lipid benchmark, was up 0.51% to USD 71.48 per tube successful futures trade.

On the home equity marketplace front, Sensex declined 325.94 points, oregon 0.41%, to 80,043.09 points. The Nifty fell 90.75 points, oregon 0.37%, to 24,376.10 points.

Foreign organization investors (FIIs) were nett sellers successful the superior markets connected Tuesday, arsenic they offloaded shares worthy ₹548.69 crore, according to speech data.

Published - October 30, 2024 10:55 americium IST