Business

Rupee Falls 15 Paise To 83.34 Against US Dollar

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.

On Tuesday, the domestic currency settled at 83.19 against the dollar.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the Indian rupee depreciated on dollar demand from foreign banks and importers.
“FII outflows also weighed on the rupee. However, positive domestic markets and the weak tone in the US dollar cushioned the downside,” he said but added that the rupee is likely to trade with a slight negative bias on month-end dollar demand from oil marketing companies and importers.
“USD-INR spot price is expected to trade in a range of Rs 83 to Rs 83.70,” he said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally lower at 101.07 on Wednesday. Global oil price benchmark Brent crude slipped 0.16 percent to USD 80.94 per barrel.
In the domestic equity market, the 30-share BSE Sensex jumped 701.63 points or 0.98 percent to settle at a fresh peak of 72,038.43 points. The broader NSE Nifty soared 213.40 points or 1 percent to 21,654.75 points.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,926.05 crore on Wednesday, according to exchange data.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, the dollar index’s weakness has generally kept the rupee stable within this range.
“However, the broader trend is a gradual decline over the past few months, with the RBI providing support around the 83.40-83.50 zones. The global holiday week shall keep range bound volatility continued with range break possible on lower side likely in coming sessions,” Trivedi said.
(Source: PTI)
Srushti Sharma

Recent Posts

PM Modi Highlights India’s Growing Steel Sector At India Steel 2025 Conference

PM Modi discusses India’s expanding role and future vision in the global steel industry at…

35 mins ago

Adani Energy Solutions Posts Record Profit In FY25; PAT Doubles To Rs 2,427 Crore

Adani Energy Solutions Ltd (AESL) posted a record FY25 performance, with PAT soaring 103% YoY…

1 hour ago

MCD Mazdoor Sangh Felicitates Amit Kumar Sharma For Promotion And Service

On 21 April 2025, the Delhi Municipal Corporation Engineering Dept Mazdoor Sangh honoured Amit Kumar…

1 hour ago

Calcutta High Court Observes Silence For Pahalgam Victims; Tribute Resonates Across West Bengal Judiciary

The Calcutta HC observed a two-minute silence to honour Pahalgam terror attack victims, following Chief…

1 hour ago

Pahalgam Terror Attack Was Masterminded By Pakistan, Says CWC Resolution

The CWC on Thursday condemned the Pahalgam terror attack and directly blamed Pakistan for orchestrating…

1 hour ago