Rupee falls 11 paise to 83.32 against U.S. dollar in early trade
The Hindu
Rupee depreciates 11 paise to 83.32 against US dollar; Brent crude rises 1.60%. GST collections up 10% in December.
The rupee depreciated 11 paise to 83.32 against the U.S. dollar in the morning session on Tuesday, tracking a negative trend in domestic equities and the strength of the American currency in the overseas market.
Forex traders said foreign fund outflows and dollar demand from importers weighed on investor sentiments.
At the interbank foreign exchange, the rupee opened at 83.28 against the dollar, then fell to 83.32, registering a fall of 11 paise over its previous close.
On Monday, the rupee depreciated by 5 paise to 83.21 against the U.S. dollar, in the first trading session of the year 2024.
"The USDINR pair is expected to remain in the range 83.15-83.40 with 83.40 being a near-term top for the pair as the Reserve Bank of India (RBI) continues to keep a strong presence in the movement of the pair," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Meanwhile, Brent crude futures, the global oil benchmark, was trading higher by 1.60% to $78.27 per barrel.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20% higher at 101.53.
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