Rupee falls 21 paise to close at 83.39 against U.S. dollar
The Hindu
Rupee weakens against dollar due to demand from importers and oil companies, offset by foreign bond inflows.
The rupee settled 21 paise lower at 83.39 (provisional) against the U.S. dollar on Wednesday, tracking a negative trend in domestic equities and elevated crude oil prices.
Forex traders said dollar demand from importers and oil marketing companies (OMCs) also weighed on the rupee.
However, foreign inflows in the bond markets ahead of inclusion on India's government bonds in global bond index cushioned the downside.
At the interbank foreign exchange market, the local unit opened at 83.22 and finally settled for the day at 83.39 (provisional), down 21 paise from its previous close.
On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the U.S. dollar.
"We expect the rupee to trade with a slight negative bias on month-end dollar demand from OMCs and importers to meet their obligations. Risk aversion in global markets and a strong US dollar may further pressurize the rupee," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
However, fresh foreign inflows in FPIs and bond markets may support the rupee at lower levels.
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