Rupee Falls 4 Paise To 83.05 Against US Dollar

Rupee Falls 4 Paise To 83.05 Against US Dollar

At the interbank foreign exchange, the domestic currency opened weak at 83.08 and lost further ground to touch 83.10 against the greenback. The unit later traded at 83.05 against the dollar, registering a loss of 4 paise from its previous close.

PTIUpdated: Friday, January 12, 2024, 10:10 AM IST
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Rupee Falls 4 Paise To 83.05 Against US Dollar | Image: Wikipedia (Representative)

The rupee breached its seven-day gaining streak and depreciated 4 paise to 83.05 against the US dollar in early trade on Friday as foreign investors rushed to withdraw funds amid a sharp rise in crude oil prices.

Despite a weak American currency and surging equity markets, overall sentiment was dented after the US data showed inflation increased more than expected in December, dousing hopes of an interest rate cut by the Federal Reserve in the near future, according to forex analysts.

They said investors will also keep a close watch on the domestic inflation numbers to be released later in the day.

At the interbank foreign exchange, the domestic currency opened weak at 83.08 and lost further ground to touch 83.10 against the greenback. The unit later traded at 83.05 against the dollar, registering a loss of 4 paise from its previous close.

The domestic currency settled 2 paise higher at 83.01 on Thursday. This was the seventh straight session of rise for the local unit, during which it had added 31 paise, since the level of 83.32 versus dollar recorded on January 2.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 101.95 on Friday.

Oil prices

Brent crude futures, the global oil benchmark, surged 1.83 per cent to USD 78.83 per barrel.

Domestic indices

In the domestic equity market, 30-share benchmark Sensex was trading 291.29 points, or 0.41 per cent, higher at 72,012.54. The broader Nifty rose 79.55 points, or 0.37 per cent, to 21,726.75.

FII

Foreign institutional investors (FIIs) sold shares worth Rs 865.00 crore on Thursday, according to exchange data.

On the macroeconomic front, the net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday.

Reserve Bank Governor Shaktikanta Das also said on Thursday that the interim budget to be presented next month will not lead to inflationary pressures, as he said the government has already taken several measures to contain price rise. 

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