Rupee falls 4 paise to 83.55 against U.S. dollar in early trade

Rupee falls to 83.55 against dollar due to strong greenback and high oil prices, despite positive economic indicators.

The rupee depreciated 4 paise to 83.55 against the U.S. dollar in early trade on July 15, tracking the strength of the American currency in the overseas market and elevated crude oil prices.

Forex traders said a positive trend in domestic equities and significant foreign fund inflows supported the rupee and restricted the fall.

At the interbank foreign exchange market, the rupee opened at 83.53 and lost further ground to trade at 83.55 against the greenback in initial deals, registering a fall of 4 paise from its previous closing level.

On Friday, the rupee settled at 83.51 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, higher by 0.11%.

Brent crude futures, the global oil benchmark, advanced 0.11% to $85.14 per barrel.

Over the past week, the Indian rupee has remained steady against the dollar, consistently hovering around the 83.50 mark despite a brief weakening of the dollar, driven by changes in the macroeconomic landscape — with US CPI data coming in weaker than expected at 3 per cent leading to the dollar index dipping to 104, CR Forex Advisors MD Amit Pabari said.