Rupee falls 4 paise to settle at 82.90 against dollar on firm crude oil prices

Mar18,2024



Mumbai: The Rupee Crude oil closed at 82.90 (provisional) with a fall of 4 paise against the American currency on Monday due to the strength in crude oil. oil prices, profit in domestic sector Share Market Further foreign fund inflows limited the rupee's losses, analysts said.
The local unit opened strongly at 82.84 Dollar In the interbank foreign exchange market and rose to the day's high of 82.83 in early deals.
However, the rupee lost early gains U.S. Dollar And bond yields remain at higher levels than ever before federal ReserveThe meeting is this week.
The rupee fell to a low of 82.91 before closing at 82.90, 4 paise lower than its previous close. The rupee had closed at 82.86 on Friday.
The US dollar index, which measures the greenback's strength against a basket of six currencies, was nearly flat at 103.40.
Global oil benchmark Brent crude is trading above the US$86 level, up nearly 1 per cent in global markets.
Anuj Chaudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee declined due to a strong US dollar and rise in crude oil prices.
“The US dollar strengthened due to rising market expectations of a rate cut by the US Federal Reserve. We expect the rupee to trade with a slight downside bias due to a stronger dollar and some selling pressure from foreign investors.”
He said concerns over rising global crude oil prices could also impact the rupee.
Meanwhile, domestic stock markets closed with gains in a volatile market. The benchmark BSE Sensex closed 104.99 points higher at 72,748.42, while the Nifty gained 32.35 points at 22,055.70.
According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 848.56 crore on Friday.
FPIs bought shares worth Rs 40,710 crore in the first fortnight of the month amid improving global economic outlook and strong domestic macroeconomic outlook.



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