Rupee settles 3 paise lower at 83.82 against U.S. dollar in range-bound trade

Rupee weakens against the dollar amid subdued equity markets, foreign fund outflows, but supported by lower crude oil prices.

The rupee stayed in a narrow range and settled 3 paise lower at 83.82 (provisional) against the U.S. dollar on Tuesday (October 1, 2024) amid subdued equity markets, unabated outflow of foreign funds and strengthening American currency.

However, crude oil prices sliding to near $70 per barrel helped the local unit resist a steep fall, forex traders said.

At the interbank foreign exchange, the local unit opened at 83.81 and moved between the low of 83.83 and high of 83.80 against the greenback during the session.

The unit finally settled at 83.82 (provisional), registering a loss of 3 paise from its previous closing level.

On Monday (September 30, 2024), the rupee settled 10 paise lower at 83.79 against the American currency.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee declined on weak domestic markets and disappointing macroeconomic data.

“A recovery in U.S. dollar also weighed on the domestic unit. However, weak crude oil prices cushioned the downside,” he said, adding that the FII outflows may also weigh on the domestic unit.