Rupee declines five paise to 83.33 against U.S. dollar in early trade

Rupee weakens to 83.33 against US dollar amid strong greenback, elevated crude prices, and foreign capital outflows.

The Rupee depreciated five paise to 83.33 against the U.S. dollar in early trade on April 26, tracking a strong greenback overseas and a positive trend in domestic equities.

“However, elevated crude prices in international markets and unabated foreign capital outflows capped the gains in domestic unit,” forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.30 against the dollar and then further slipped to 83.33, registering a fall of five paise over its previous close.

In the initial trade, the domestic unit was moving in a tight range of 83.35-83.30 against the American currency. In the previous session on April 25, the Rupee had settled at 83.28 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09% to 105.54.

Brent crude futures, the global oil benchmark, rose 0.35% to $89.32 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 103.64 points or 0.14% higher at 74,443.08.

The broader NSE Nifty advanced 32.45 points or 0.14% to 22,602.80. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth ₹2,823.33 crore, according to exchange data.