Due to a persistent outflow of foreign funds and a rise in demand for US currency from banks and importers, the rupee fell 15 paise to settle at 83.34 against the US dollar on Wednesday.
Forex traders claim that despite a strong buying trend in the domestic equity market, investors’ concerns about volatile crude oil prices and their fear of a disruption in global trade through the Red Sea route prevented them from feeling more upbeat.
The local currency opened at 83.21 at the interbank foreign exchange and fluctuated intraday against the dollar between a peak of 83.20 and a low of 83.35. At last, the local currency closed at 83.34 against the US dollar, down 15 paise from its previous close.
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