Rupee falls 11 paise to close at 82.03 against U.S. dollar
The Hindu
At the interbank foreign exchange market, the rupee opened at 82.25 against the greenback and closed at 82.03 (provisional)
The rupee depreciated 11 paise to close at 82.03 (provisional) against the U.S. currency on March 8 as a strong dollar in the overseas market weighed on investor sentiments.
Forex traders said the Dollar index gained strength after U.S. Federal Reserve Chairman Jerome Powell reignited worries of a 50-bps rate hike in the Federal Open Market Committee (FOMC) meeting to be held on March 21-22, 2023.
At the interbank foreign exchange market, the rupee opened at 82.25 against the greenback and closed at 82.03 (provisional), registering a fall of 11 paise over its previous close of 81.92 on Monday.
Stock and money markets were closed on Tuesday on account of Holi.
During the session, the domestic unit witnessed an intra-day high of 81.98 and a low of 82.29 against the American dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13% higher at 105.75.
“Powell said that the latest economic data released in the US are stronger than expected. He also added that the US central bank would be prepared to increase the pace of rate hikes if the totality of the data were to indicate that faster tightening is warranted.”