Rupee Falls 15 Paise Against US Dollar

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Rupee Falls 15 Paise Against US Dollar

| Updated: February 13, 2023 20:18

The rupee fell 15 paise to close at 82.73 (provisional) against the US dollar on Monday, weighed down by dollar gains in overseas markets and a flat trend in domestic equities. Firm crude oil prices further dented investor sentiments, forex traders said. 

At the interbank foreign exchange market, the rupee opened at 82.68 against the greenback and fell to an intra-day low of 82.77.  It finally settled at 82.73 (provisional), down 15 paise over its previous close. 

In the previous session on Friday, the rupee settled at 82.58 against the dollar

According to Anuj Choudhary Research Analyst at Sharekhan by BNP Paribas, the Indian rupee devalued on a weak tone in Asian markets and a strong dollar.

Traders also reduced their positions ahead of CPI data, which is expected to be slightly higher than the previous month. However, a weak start to the week for crude oil on Monday mitigated the downside.

“We expect the rupee to trade with a negative bias amid risk aversion in global markets and the rising US dollar. Sustained outflows by foreign investors may also mount downside pressure on the domestic currency,” Choudhary said.

Traders may remain cautious ahead of inflation data from India today and US tomorrow. USD-INR spot price is expected to trade in a range of Rs 82.20 to Rs 83.30, Choudhary added.

Global oil benchmark Brent crude futures declined 1.19 per cent to USD 85.36 per barrel.

The 30-share BSE Sensex fell 250.86 points, or 0.41 per cent, to 60,431.84, while the NSE Nifty fell 85.60 points, or 0.48 per cent, to 17,770.90. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth ₹1,458.02 crores, according to exchange data.

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