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Tuesday, May 21, 2024

Rupee falls 13 paise to close at 83.44 against US dollar

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MUMBAI, April 12: The rupee depreciated 13 paise to close at 83.44 against the US dollar on Friday, weighed down by a massive sell-off in domestic equities and a strong greenback against major crosses overseas.

Forex traders said elevated crude oil prices also dented investor sentiments.

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At the interbank foreign exchange market, the local unit opened at 83.36 and touched an intraday low of 83.44 against the greenback. The local unit finally settled at 83.44, registering a loss of 13 paise from its previous close.

On Wednesday, the rupee closed flat at 83.31 against the US dollar.

Forex markets were closed on Thursday on account of Eid-Ul-Fitr.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.51 per cent higher at 105.82.

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The US dollar rose to a five-month high on hot inflation. Headline and core inflation topped the forecast, leading to diminishing expectations of a rate cut by the US Federal Reserve in June. Hawkish FOMC meeting minutes supported the greenback.

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 crude futures, the global oil benchmark, advanced 0.97 per cent to USD 90.61 per barrel.

“We expect the rupee to trade with a slight negative bias on weak global equities amid hawkish US data and surge in global crude oil prices. A positive tone in the US dollar may further pressurise the rupee.

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“However, FII inflows may support the rupee at lower levels. Traders may take cues from India’s inflation and IIP data. Traders may also take cues from Michigan consumer sentiment and inflation expectations data from the US. USD/INR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

On the domestic equity market front, Sensex declined 793.25 points, or 1.06 per cent, to settle at 74,244.90 points. The Nifty fell 234.40 points, or 1.03 per cent, to close at 22,519.40 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 2,778.17 crore, according to exchange data. (PTI)




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