Rupee falls 5 paise to 82.86 against U.S. dollar in early trade
The Hindu
Rupee weakens to 82.86 against the dollar due to foreign fund outflows and elevated crude oil prices.
The rupee depreciated 5 paise to 82.86 against the U.S. dollar in early trade on Thursday, tracking a negative trend in domestic equities.
Forex traders said the strength of the American currency, foreign fund outflows, and elevated crude oil prices in the international market dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 82.84 against the dollar and touched an early low of 82.86 in initial trade, registering a fall of 5 paise over its previous close.
On Wednesday, the rupee had settled at 82.81 against the U.S. dollar.
"Rupee weakened on Wednesday as the sentiment was dampened by a sell-off in equities. Nevertheless, rupee is still the best performing Asian currency in 2024 so far, having strengthened 0.4 per cent against the U.S. dollar," IFA Global Research Academy said in a research note.
Rupee is likely to trade in the 82.75-82.90 range with sideways price action, the note added.
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