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Friday, January 27, 2023

The rupee falls 26 paise to 81.68 against the US dollar

He rupee It eased by 26 paise to 81.68 against the US dollar in early trading on Tuesday due to a rise in crude oil prices and currency outflows.

However, early gains in domestic stock markets and the weakness of the dollar against world currencies limited the rupee’s losses.

The local unit opened lower at 81.48 per dollar compared to the last close of 81.42. It moved in a range of 81.48 to 81.68 in morning trading.

In the interbank exchange rate, the rupee was trading at 81.68 per dollar at 0925 hrs.

Forex traders said currency outflows from capital markets are weighing on the local unit. Firm crude oil prices are also weighing on rupee sentiment, they added.

Brent crude, the international benchmark price for oil, rose 0.02% to USD 88.21 per barrel in Asian trade on expectations of a revival of demand from China.

The United States dollar indexShowing the dollar’s strength against six world currencies, it was down 0.17 percent at 101.96.

Foreign institutional investors (FIIs) were net sellers in the capital market on Monday as they sold Rs 219.87 crore worth of shares, according to exchange data.

Foreign investors have netted Rs 15,236 crore this month so far on attractive Chinese markets and concerns about the US economy entering recession.

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