Rupee falls 7 paise to close at 83.36 against U.S. dollar
The Hindu
The rupee declined by 7 paise to close at 83.36 (provisional) against the U.S. dollar on March 27, tracking a strong American currency against major rivals overseas and weak Asian peers.
The rupee declined by 7 paise to close at 83.36 (provisional) against the U.S. dollar on March 27, tracking a strong American currency against major rivals overseas and weak Asian peers.
However, a surge in domestic markets and a decline in crude oil prices cushioned the downside, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.33 and touched an intraday low of 83.45 against the greenback. The local unit finally settled at 83.36 (provisional) against the dollar, registering a loss of 7 paise from its previous close.
On March 26, the rupee recovered from all-time low levels and appreciated 32 paise to close at 83.29 against the U.S. dollar.
According to Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas, the Indian rupee depreciated on March 27 on strong U.S. dollar and importer demand for U.S. dollar. Weak Asian currencies also weighed on the rupee.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03% lower at 104.26.
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