Rupee falls 11 paise to close at 83.32 against U.S. dollar

At the interbank foreign exchange market, the local unit opened at 83.28 and finally settled at 83.32 (provisional) against the dollar

The rupee depreciated by 11 paise to 83.32 (provisional) against the U.S. dollar on January 2, amid a muted trend in domestic equities and dollar demand from importers.

Forex traders said foreign fund outflows and dollar demand from importers weighed on investor sentiments.

At the interbank foreign exchange market, the local unit opened at 83.28 and finally settled at 83.32 (provisional) against the dollar, down by 11 paise from its previous close.

On Monday, the rupee depreciated by 5 paise to 83.21 against the U.S. dollar, in the first trading session of the year 2024.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.11% up at 101.44 on Tuesday.

Brent crude futures, the global oil benchmark, was trading higher by 2.13% to $78.68 per barrel.

On the domestic equity market front, Sensex declined 379.46 points, or 0.53%, to settle at 71,892.48 points. The Nifty fell 76.10 points, or 0.35%, to 21,665.80 points.