News
Rupee falls 9 paise to 83.43 against US dollar in early trade | Financial News
The domestic unit, however, found support due to the depreciation of the US currency and positive stock market sentiment
On Friday, the rupee closed 11 paise higher at 83.34 against the US dollar. Photo: ShutterstockPress Trust of India Bombay
The rupee depreciated by 9 paise to 83.43 against the US dollar in early trade on Monday amid rising crude oil prices and outflow of foreign capital.
The domestic unit, however, found support due to weakening US currency and positive equity market sentiment, forex traders said.
Click here to connect with us on WhatsApp
At the interbank forex market, the local unit opened at 83.39 and lost further ground to trade at 83.43 against the dollar in early trade, registering a decline of 9 paise from its previous closing level.
On Friday, the rupee closed 11 paise higher at 83.34 against the US dollar.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading at 105.30, down 0.23%.
“The US dollar fell slightly on Friday after data showed inflation easing, reinforcing expectations of Federal Reserve rate cuts this year,” said Anand James, chief market strategist at Geojit Financial Services.
Brent crude futures, the global oil benchmark, rose 0.52% to $85.44 a barrel.
In the domestic stock market, the 30-share BSE Sensex advanced 136.09 points, or 0.17 percent, to 79,168.82. The broader NSE Nifty rose 41.75 points, or 0.17 percent, to 24,052.35.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 23.09 crore, according to exchange data.
India’s foreign exchange reserves rose by $816 million to $653.711 billion in the week ended June 21, the RBI said on Friday.
In the previous week, total reserves fell by $2.922 billion to $652.895 billion.
Growth in eight major infrastructure sectors rose 6.3 percent in May due to healthy expansion in coal, natural gas and electricity production, although the growth rate was slower than in April, according to official data released on Friday.
The central government’s fiscal deficit was 3% of the annual estimates at the end of May 2024-25, the first two months of the financial year during which the model code of conduct was in force due to the Lok Sabha elections.