Rupee plunges 11 paise against US dollar in early trade

A currency trader is pictured done the awesome for the Indian Rupee connected the level of a trading steadfast successful Mumbai. File photo | Photo Credit: REUTERS

Rupee depreciated 11 paise to 83.93 against the US dollar successful aboriginal commercialized connected Thursday (October 3, 2024) owed to rising crude lipid prices and antagonistic sentiment successful the home equity markets amid concerns implicit escalating hostility successful the Middle East.

Unabated outflow of overseas funds from superior markets and a strengthening American currency besides weighed connected the Indian currency, forex traders said.

At the interbank overseas exchange, the section portion opened astatine 83.91 and mislaid further crushed to interaction 83.93 against the greenback, trading 11 paise little from its erstwhile session's closing level.

On Tuesday, the rupee settled 3 paise little astatine 83.82 against the American currency. The forex markets were closed connected Wednesday connected relationship of Mahatma Gandhi Jayanti.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, roseate 0.10 per cent to 101.53.

Brent crude, the planetary benchmark, climbed 1.11 per cent to 74.72 successful futures trade.

Experts attributed the spike successful crude prices to fearfulness of Israeli attacks connected Iran's lipid installations amid escalating hostility successful the Middle East.

On the home equity marketplace front, the Sensex tumbled 829.97 points oregon 0.09 per cent to 83,436.32, portion the Nifty tanked 270.65 points oregon 1.05 per cent to 25,526.25.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Tuesday, offloading shares worthy ₹5,579.35 crore connected a nett ground successful the currency segment, according to speech data. FIIs person sold shares worthy implicit ₹15,000 crore since Monday.

Analysts said overseas investors withdrew funds arsenic Chinese stocks turned bullish aft the state announced a slew of stimulus measures to revive the economy.

On the home macroeconomic front, a monthly survey released connected Tuesday showed India's manufacturing assemblage maturation fell to an eight-month debased successful September amid a softer summation successful mill production, income and caller export orders.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 57.5 successful August to 56.5 successful September, registering the weakest gait of maturation since January.

Published - October 03, 2024 09:54 americium IST