Rupee falls three paise to 83.19 against U.S. dollar in early trade
The Hindu
The Rupee started the New Year on a flat note and depreciated three paise to 83.19 against the U.S. dollar in the morning session, amid a negative trend in domestic equities and dollar demand from importers.
The Rupee started the New Year on a flat note and depreciated three paise to 83.19 against the U.S. dollar in the morning session, amid a negative trend in domestic equities and dollar demand from importers.
Forex traders said the Rupee is trading in a narrow range as the support from easing crude oil prices was negated by the strength of the American currency in the overseas market.
At the interbank foreign exchange, the Rupee opened at 83.18 against the dollar, then fell to 83.19, registering a fall of three paise over its previous close. In the initial trade, the Rupee also touched an early high of 83.15 against the U.S. dollar.
On Friday, the Rupee appreciated four paise to settle at 83.16 against the U.S. dollar on the last trading day of 2023.
At the start of the new year, the dollar index was stable at 101.38 and Brent oil was at $77.07 per barrel. Asian currencies are also very stable with Yuan at 7.1253, IDR at 15,390, KRW at 1,294.53, said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
"Rupee is likely to remain stable within a range of 83.10 to 83.35 as U.S. dollar buying at lower-end matches the in-flows and keeps the Rupee stable within a range. As the FX reserves touch the $620 billion mark, RBI's presence on both sides of the market keeps the rupee stable," Mr. Bhansali added.