Rupee falls 7 paise to close at 83.03 against US dollar

Feb 9, 2024

Mumbai: Rupee worn out rose by 7 paise to 83.03 (provisional) against U.S. Dollar On Friday, a stronger US currency was tracked and higher crude oil prices In the international market. Forex traders said the Indian rupee has declined foreign fund outflow Pressure on rupee, however, positive domestic market Calmed the negative side.
But interbank foreign exchange marketThe local unit opened at 82.96 and finally closed at 83.03 (provisional) against the dollar, down by 7 paise from its previous close.
The rupee on Thursday closed on a flat note at 82.96 against the US dollar after the Reserve Bank decided to keep the key policy rate unchanged for the sixth consecutive time to maintain a tight watch on inflation.
“We expect the rupee to trade with a slight downside bias due to underlying strength in the US dollar and concerns over rising crude prices. geopolitical tensions in the Middle East,” said Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas.
Chaudhary further said that positive trend in domestic markets and mixed to positive global equities could support the rupee at lower levels. There is no major economic data in the next few days, which could lead to less volatility.
“Investors can now wait for US inflation data on Tuesday. USD-INR spot price is expected to range between Rs 82.80 to Rs 83.30,” he said.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.01 percent at 104.15.
Global oil benchmark Brent crude futures were trading 0.22 per cent higher at US$81.81 per barrel.
On the domestic equity market front, Sensex closed at 71,595.49, up 167.06 points or 0.23 per cent. Nifty fell 64.55 points or 0.3 percent to 21,782.50 points.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 4,933.78 crore, according to exchange data.

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