Rupee falls two paise to 83.98 against U.S. dollar

“A marginal diminution successful the worth of the greenback against overseas currencies and emergence successful the home equity marketplace supported the section portion and prevented further descent successful the home unit,” forex traders said. | Photo Credit: The Hindu

“Rupee depreciated 2 paise to adjacent astatine 83.98 (provisional) against the U.S. dollar connected Thursday (October 10, 2024) amid sustained overseas money outflows and elevated crude lipid prices. However, a marginal diminution successful the worth of the greenback against overseas currencies and emergence successful the home equity marketplace supported the section portion and prevented further descent successful the home unit,” forex traders said.

At the interbank overseas exchange, the Rupee opened astatine 83.95, registering a marginal emergence of 1 paisa against the U.S. dollar and traded successful a choky scope of 83.95-83.98. It settled astatine 83.98 (provisional), 2 paise little than Wednesday's (October 9, 2024) adjacent of 83.96.

"The Rupee traded successful a range-bound manner... a steadfast code successful the home markets supported the Rupee. However... betterment successful crude lipid prices capped crisp gains," Anuj Choudhary, Research Analyst astatine Sharekhan by BNP Paribas, said.

"We expect the Rupee to commercialized with a antagonistic bias connected selling unit from FIIs and geopolitical uncertainty amid the ongoing tensions successful the Middle East. A beardown U.S. dollar whitethorn further pressurise the Rupee. However, affirmative home markets whitethorn enactment the Rupee astatine little levels," helium said, adding that Rupee spot terms is expected to commercialized successful a scope of 83.80-84.20.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was down 0.02% to 102.91 points. Brent crude, the planetary benchmark, gained 1.45% to $77.69 per tube successful futures trade.

In the home equity market, the 30-share BSE Sensex roseate 144.31 points oregon 0.18% to adjacent astatine 81,611.41 points, portion the Nifty was up 16.50 points oregon 0.07% to 24,998.45 points. Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Wednesday, arsenic they offloaded shares worthy ₹4,562.71 crore, according to speech data.

Published - October 10, 2024 04:39 p.m. IST