Rupee falls 7 paise to 82.11 against US dollar

Rupee falls 7 paise to 82.11 against US dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 101.78.

FPJ Web DeskUpdated: Wednesday, April 19, 2023, 10:33 AM IST
article-image
Rupee falls 7 paise to 82.11 against US dollar | Image: istockphoto (Representative)

The rupee depreciated 7 paise to 82.11 against the US dollar in early trade on Wednesday, weighed down by firm crude oil prices and a negative trend in domestic equities.

Forex traders said foreign fund outflows and strengthening of the American currency in the overseas market dented investor sentiments.

At the interbank foreign exchange, the domestic unit opened weak at 82.10 against the dollar, then fell to 82.11, registering a decline of 7 paise over its last close.

On Tuesday, the rupee settled at 82.04 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 101.78.

Oil prices

The Oil prices on Wednesday rose due to strong Chinese economic data, strengthening fuel demand and decreasing US crude inventories. Brent crude futures went up 7 cents to $84.84 per barrel and West Texas Intermediate US crude jumped by 3 cents to $80.89 per barrel.

The USDINR pair is holding well above 82.00 mark and waiting for the fresh triggers to mark its move past 82.20 levels, CR Forex Advisors MD-Amit Pabari said.

Pabari further added that widening deficits, rising oil prices, and squeezing interest rate differentials between US and India set a floor for fresh rounds of outflows from the Indian bond market.

Stock markets

The markets on Wednesday opened in red with Sensex at 59,660.31, down by 66.7 points and Nifty slipped by 6.40 points at 17,653.35. Bharti Airtel, Tata Steel, HDFC Bank and Mahindra & Mahindra were the top gainers whereas Maruti, ICICI Bank, Kotak Bank, IndusInd Bank and ITC were the top losers.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 810.60 crore, according to exchange data.

With inputs from PTI

RECENT STORIES

With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds:...

With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds:...

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Lamborghini Unveils First Logo Redesign In 20 Years

Lamborghini Unveils First Logo Redesign In 20 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years

Skoda Superb Poised For Return To India – Speculated Launch On April 3!

Skoda Superb Poised For Return To India – Speculated Launch On April 3!