Rupee falls six paise to close at 83.22 against U.S. dollar

The Rupee started the New Year on a weak note, depreciating by six paise to 83.22 against the U.S. dollar amid a muted trend in domestic equities and dollar demand from importers.

The Rupee started the New Year on a weak note, depreciating by six paise to 83.22 against the U.S. dollar amid a muted trend in domestic equities and dollar demand from importers.

Forex traders said the Rupee traded in a narrow range in the absence of global cues. Global crude oil markets were closed for New Year Day holiday.

At the interbank foreign exchange market, the local unit opened at 83.18 and finally settled at 83.22 (provisional) against the dollar, down by six paise from its previous close. On December 29, the Rupee appreciated four paise to settle at 83.16 against the U.S. dollar on the last trading day of 2023.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.05% up at 101.38.

On the domestic equity market front, Sensex advanced 31.68 points, or 0.04% to settle at 72,271.94 points. The Nifty advanced 10.50 points, or 0.05% to 21,741.90 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth ₹1,459.12 crore, according to exchange data.