Rupee falls 3 paise to close at 83.45 against U.S. dollar
The Hindu
Rupee closes at 83.45 against the dollar due to oil prices, foreign fund outflows, and domestic equities.
The rupee depreciated by 3 paise to close at 83.45 (provisional) against the U.S. dollar on Wednesday, weighed down by elevated crude oil prices in international markets and persistent foreign fund outflows.
A muted trend in domestic equities also dented investor sentiments, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.36 and touched an intraday low of 83.45 and a high of 83.36 against the greenback. The local unit finally settled at 83.45 (provisional) against the dollar, registering a loss of 3 paise from its previous close.
The rupee on Tuesday consolidated in a narrow range and settled 3 paise lower at 83.42 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01% lower at 104.80.
Forex traders said rising crude oil prices will have a negative impact on the rupee as it will threaten the current account dynamics of the country. Brent has risen to $89 per barrel on fresh supply concerns and escalating conflict in the Middle East.
Brent crude futures, the global oil benchmark, advanced 0.33% to $89.21 per barrel.
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