Rupee falls four paise to settle at 83.70 against U.S. dollar

Rupee falls to 83.70 against dollar amid weak equity markets, month-end demand, but supported by crude prices and inflows.

The Rupee declined four paise to settle at 83.70 (provisional) against the U.S. dollar on Friday (September 27, 2024) amid subdued domestic equity markets and increased month-end demand for the American currency.

“However, sliding crude prices in the international market and renewed foreign fund inflows supported the local unit and restricted the fall,” forex dealers said.

At the interbank foreign exchange, the local unit opened at 83.64 and moved between the high of 83.62 and the low of 83.71 during the session. The local unit finally settled at 83.70 (provisional) against the dollar, registering a loss of four paise from its previous close.

On Thursday (September 26, 2024), the Rupee declined eight paise to settle at 83.66 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06% to 100.30.

Analysts said the market participants were awaiting cues from the personal consumption expenditure data to be released in the U.S. on Friday (September 27, 2024.) Brent crude, the international benchmark, fell 0.03% to 71.58 in futures trade.

On the domestic equity markets front, the Sensex fell 264.27 points or 0.31% to settle at 85,571.85, while the Nifty declined 37.10 points or 0.14% to 26,178.95.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, purchasing shares worth ₹629.96 crore, according to exchange data.