Rupee falls 4 paise to 83.24 against US dollar
The Hindu
Rupee vs dollar updates on October 4, 2023
The rupee depreciated 4 paise to 83.24 against the US dollar in early trade on Wednesday, October 4, 2023, as the strength of the American currency and a weak trend in domestic equities exerted pressure on the local unit.
Forex traders said sustained foreign fund outflows further dented investor sentiments.
At the interbank foreign exchange, the domestic unit opened at 83.22, then touched 83.24, registering a decline of 4 paise over its last close.
On Octber 3, the rupee had settled at 83.20 against the dollar.
"The USD/INR pair is currently encountering significant resistance at the 83.30 level on the upside while finding support at around 82.80 on the downside. This essentially confines the pair within a range-bound pattern," CR Forex Advisors MD-Amit Pabari said.
However, it's worth noting that if either of these key levels is breached, there could be a substantial movement of 80 to 90 paise in either direction, Pabari said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.14 per cent to 107.14.
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