Skip to main content

Rupee Falls 4 Paise To 82.67 Against US Dollar

The rupee depreciated by 4 paise to 82.67 against the US dollar in early trade on Tuesday, tracking a strong American currency against major rivals overseas.

Forex traders said downward movement in crude price and inflows of foreign funds, however, capped the fall in the Indian currency.

Meanwhile, the dollar strengthened as investors were upbeat on the tentative agreement between US President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is likely to face voting on Wednesday before getting sealed.

Traders were also keeping an eye on the US non-farm payroll (NFP) data to be released on Friday.

"Rupee traded in a narrow range and volatility remained low as most market participants remained on the sidelines following US market holiday. On the other hand, the dollar was weighed down after preliminary talks between the Republicans and Democrats sailed through.

"Today, focus will be on the consumer confidence number from the US and that is likely to trigger volatility for the dollar; more updates on the debt ceiling vote will also be important to watch. We expect the USDINR (Spot) to trade sideways and quote in the range of 82.40 and 82.80," said Gaurang Somaiya, FX and bullion analyst at Motilal Oswal.

At the interbank foreign exchange, the domestic unit opened flat at 82.63 against the dollar and hit the lowest level of 82.69. Later, it touched 82.67, registering a fall of 4 paise over its previous close.

On Monday, the rupee closed at 82.63 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 104.30.

Brent crude futures, the global oil benchmark, fell 0.61 per cent to USD 76.60 per barrel.

In the domestic equity market, the 30-share BSE Sensex advanced 123.87 points or 0.20 per cent to 62,970.25. The broader NSE Nifty was up 35.50 points or 0.19 per cent to 18,634.15.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs 1,758.16 crore, according to exchange data.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



source https://www.ndtv.com/business/rupee-falls-4-paise-to-82-67-against-us-dollar-4077835
Labels:

Comments

Post a Comment

Popular posts from this blog

Beyond The Bronze Age: Exploring The Dawn Of The Crypto Era

Humanity has witnessed enormous technical advancements throughout history that have moved society ahead in remarkable ways. Each epoch, from the invention of agriculture through the Industrial Revolution, has offered new advances that have shaped the history of civilization. You are now standing at the dawn of the Crypto Era, on the verge of yet another transformational era. The bull run then and now But now, the term bull run or bull market is used to describe a situation in which the price of assets or securities, such as cryptocurrency or stocks, rapidly rises. A crypto bull run is similar to what happens in traditional markets. It often denotes the optimistic hopes of investors seeking to profit from the asset's price appreciation, with the goal of generating big returns on their initial investment. During a bull run, there is a general sense of optimism in the market and an expectation of big gains. In the context of the financial markets, the term bull run is metaphorical
Post a Comment
Read more

Beyond The Bronze Age: Exploring The Dawn Of The Crypto Era

Humanity has witnessed enormous technical advancements throughout history that have moved society ahead in remarkable ways. Each epoch, from the invention of agriculture through the Industrial Revolution, has offered new advances that have shaped the history of civilization. You are now standing at the dawn of the Crypto Era, on the verge of yet another transformational era. The bull run then and now But now, the term bull run or bull market is used to describe a situation in which the price of assets or securities, such as cryptocurrency or stocks, rapidly rises. A crypto bull run is similar to what happens in traditional markets. It often denotes the optimistic hopes of investors seeking to profit from the asset's price appreciation, with the goal of generating big returns on their initial investment. During a bull run, there is a general sense of optimism in the market and an expectation of big gains. In the context of the financial markets, the term bull run is metaphorical
Post a Comment
Read more