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Rupee falls 15 paise to close at 82.09 against US dollar

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MUMBAI, May 11 (PTI): The rupee depreciated by 15 paise to close at 82.09 (provisional) against the US dollar on Thursday, tracking a strong American currency and rising crude oil prices in overseas markets.

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Besides, negative sentiments in the equity markets also dragged down the local unit.

Forex traders said investors traded cautiously awaiting inflation data on the domestic front, which is slated to be announced on Friday. On the other hand, the US currency found support amid the easing of US inflation, which also triggered positive sentiments across the global markets.

At the interbank foreign exchange market, the local unit opened weak at 81.97 against the US currency and finally closed at 82.09 (provisional), registering a fall of 15 paise over its previous close.

During the session, the rupee touched its intra-day high of 81.93 and hit the lowest level of 82.13 against the dollar.

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On Wednesday, the rupee closed at 81.94 against the US currency.

According to the US government data, consumer inflation in April eased to 4.9 per cent, better than street expectations.

Jateen Trivedi, VP research analyst at LKP Securities, said the domestic unit is likely to stay in the range of 81.85-82.25 as participants are awaiting US unemployment data, to be announced later in the day.

“The prices of crude oil saw an upward trend, putting pressure on the rupee. Forex market participants are waiting for US jobless data later in the evening. The rupee range can be seen between 81.85-82.25,” Trivedi said.

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Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.42 per cent to 101.91.

Global oil benchmark Brent crude futures increased 0.56 per cent to USD 76.84 per barrel.

On the domestic equity market front, the 30-share BSE Sensex fell 35.68 points or 0.06 per cent to end at 61,904.52 points, and the broader NSE Nifty closed 18.10 points or 0.1 per cent lower at 18,297.00 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,833.13 crore, according to exchange data.


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The Hills Times
The Hills Timeshttp://www.thehillstimes.in
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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