Rupee snaps 6-day gaining streak; slips 1 paisa to 83.53 against U.S. dollar
The Hindu
The rupee pared its early gains to close lower by 1 paisa at 83.53 (provisional) against the US currency, snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices.
The rupee pared its early gains to close lower by 1 paisa at 83.53 (provisional) against the US currency on Monday (September 23, 2024), snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices.
A decline in India's Services PMI also affected the investor sentiment while gains in domestic equity markets capped losses in the local unit, forex traders said.
Earlier in the day, the rupee opened at 83.44 against the greenback, 8 paise higher than its previous close. However, it gave up gains during the day to finally settle at 83.53 (provisional) against the US dollar, 1 paisa lower than its previous close.
The rupee had closed at 83.52 on Friday.
"We expect the rupee to trade with a slight positive bias on positive global equities and fresh FII inflows. However, a recovery in the greenback and elevated crude oil prices may cap sharp upside," Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.
A decline in India's Services PMI to 58.9 in August from 60.9 in July also contributed to the drop in the rupee, he said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.34 per cent at 101.06.
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