Rupee falls 24 paise to close at 82.44 against U.S. dollar

The rupee depreciated by 24 paise to close at 82.44 (provisional) against the U.S. dollar on March 24 weighed down by the strength of the American currency and massive selling in the domestic equity market.

The rupee depreciated by 24 paise to close at 82.44 (provisional) against the U.S. dollar on March 24 weighed down by the strength of the American currency and massive selling in the domestic equity market.

At the interbank foreign exchange market, the local unit opened lower by 12 paise at 82.32 as the U.S. dollar rebounded against global currencies.

During intra-day trade, the rupee touched a high of 82.20 and a low of 82.49 against the greenback.

The domestic unit finally settled at 82.44 (provisional) against the American currency, 24 paise lower against its previous close.

On Thursday, the rupee settled at 82.20 against the U.S. dollar.

According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, the Indian rupee depreciated due to weak domestic markets and a positive dollar. Sustained FII outflows also weighed on the domestic currency.

The dollar rose on safe-haven appeal amid weak Asian and European currencies and equities. Dollar also gained on upbeat U.S. current account deficit and new home sales data. Bank of England hiked interest rates by 25 bps to 4.25%, the highest in 15 years, Mr. Choudhary said.