Rupee falls 1 paisa to 83.50 against U.S. dollar
The Hindu
Rupee closes at 83.50 against dollar, influenced by weak domestic markets and global economic factors.
The rupee pared initial gains to settle 1 paisa lower at 83.50 against the U.S. dollar on Monday, as muted domestic equities weighed on investor sentiments.
At the interbank foreign exchange market, the local unit opened at 83.45 and hit the intraday high of 83.44 and a low of 83.50 against the American currency during the session.
It finally settled at 83.50 against the dollar, registering a loss of one paisa over the previous close.
On Friday, the rupee settled at 83.49 against the U.S. dollar.
Forex traders said the rupee gained on a weak dollar and decline in crude oil prices. However, weak domestic markets put pressure on the domestic unit.
"The US Dollar declined on disappointing non-farm payrolls report on Friday, which raised expectations that U.S. Federal Reserve may cut interest rates in its September Federal Open Market Committee (FOMC) meeting," said Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.90, higher by 0.03%.
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