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Rupee stands at 83.35 against US dollar after 7 paisa fall

Submitted by admin on April 29th, 2024

The rupee closed at 83.35 (provisionally) after 7 paisa fall, against the US dollar on Friday. American currency is getting stronger overseas and domestic equities are selling off. Both have affected the domestic unit. Additionally, prices of crude oil are going up in the international market. On top of that, risk-averse sentiment pulled the value of rupees down, as per Forex traders.

The local unit was stable and strong at 83.30 after the interbank foreign exchange market opened. The value stood in the range of 83.30-83.36 during the session.

The local currency closed at 83.35 (provisionally) against the US currency, falling 7 paise from its previous close. The rupee settled at 83.28 against the US dollar in the previous session.

“Indian Rupee declined slightly on weak domestic markets and a surge in crude oil prices. We expect the rupee to trade slightly weak on renewed geopolitical tensions in the Middle East and weakness in domestic equities.

“Rising crude oil prices and FII outflows may further put pressure on the rupee. However, any intervention by the RBI may support the rupee at lower levels. We expect USDINR to trade in the range of 83.10-83.60,” Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, explained.

Brent crude futures, the global oil benchmark, jumped 0.38 percent to USD 89.35 per barrel.

The dollar index gauges the strength of the greenback against a group of six currencies and went up 0.05 percent to 105.49.

When it comes to the domestic equity market, Sensex tumbled 609.28 points i.e. 0.82 percent to close at 73, 730.17, and Nifty slumped 150.40 points i.e. 0.67 percent to settle at 22, 419.95.

In the capital markets, FIIs (Foreign Institutional Investors) were net sellers on Thursday. Exchange data reports that FIIs offloaded shares valued at Rs 2, 823.33 crore.