On Tuesday, the rupee settled at 81.95 against the dollar.
Bombay:
The rupee depreciated 6 paise to 82.01 against the US dollar in early trading on Wednesday, weighed down by foreign fund outflows and a negative trend in domestic equities.
In interbank foreign exchange, the domestic unit opened weakly at 82.00 against the dollar, then fell to 82.01, registering a 6 paise drop in the last close.
On Tuesday, the rupee settled at 81.95 against the dollar.
The dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.04 percent to 101.82.
Brent oil futures, the global oil benchmark, rose 0.37 percent to USD 81.07 a barrel.
“The undercurrents of increasing chaos on the global front amid geopolitical concerns and a sudden shift in risk on and off mode are not healthy for the currency.
“In the near term, however, the pair is wedged between 81.80-82.20 and a push above 82.20 is needed to take the pair to levels of 82.50-82.80,” said CR Forex Advisors MD Amit Pabari.
On the domestic stock market, the 30-stock BSE Sensex traded 157.29 points or 0.26 percent lower at 59,973.42. The broader NSE Nifty fell 50.30 points, or 0.28 percent, to 17,718.95.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth Rs 407.35 crore, according to exchange data.
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