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Rupee falls 3 paise against US dollar on forex outflows

Mumbai, Apr 18 (PTI) The rupee depreciated 3 paise to close at 82.04 against the US dollar on Tuesday, tracking negative sentiments in the domestic equities market and foreign fund outflows.

Forex traders said a weak greenback against major currencies and falling crude prices, however, resisted the fall in the domestic unit.

At the interbank foreign exchange, the local unit opened strong at 81.99 against the dollar. During intra-day, it climbed to 81.96 and hit the lowest level of 82.09.

It finally ended the session at 82.04, 3 paise lower from its previous close.

On Monday, the rupee settled at 82.01 against the dollar.

“Rupee has taken cues from FIIs activity and in the past two days has been weak thus keeping rupee fall holding below 82.00 levels,” according to Jateen Trivedi, VP Research Analyst at LKP Securities.

He said traders are also awaiting inflation data from European countries this week, which may trigger further volatility in the dollar index.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.37 per cent to 101.73.

Brent crude futures, the global oil benchmark, declined 0.32 per cent to USD 84.49 per barrel.

On the domestic equity market front, the 30-share BSE Sensex closed 183.74 points or 0.31 per cent lower at 59,727.01 points. The broader NSE Nifty declined 46.70 points or 0.26 per cent to 17,660.15 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 810.60 crore, according to exchange data.

“Going ahead, participants await inflation data across other developed nations this week (Euro & GBP), which can keep dollar index volatility continued. Rupee range can be seen between 81.85-82.25,” Trivedi said. PTI HVA BAL BAL

This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Source: The Print

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