Rupee falls 11 paise to 83.45 against U.S. dollar
The Hindu
Rupee weakens against dollar due to rising crude oil prices, positive domestic markets, and manufacturing PMI data.
The rupee depreciated 11 paise to settle at 83.45 (provisional) against the U.S. dollar on July 1, tracking rising crude oil prices in international markets.
However, a firm trend in domestic equity markets, positive manufacturing PMI data and a weak U.S. dollar against major currencies overseas capped the sharp fall, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.39 and moved between the high of 83.38 and the low of 83.47 against the greenback during the session.
The unit finally settled at 83.45 (provisional) against the dollar, registering a loss of 11 paise from its previous closing level.
On June 28, the rupee settled 11 paise higher at 83.34 against the U.S. dollar.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee depreciated on a surge in U.S. treasury yields and rising crude oil prices.
Oil prices were hovering at nearly two-month high levels while the U.S. bond yields above 4% pressurised Asian currencies. However, positive domestic markets and a rise in manufacturing PMI supported the rupee.