Rupee depreciated for the 4th straight day by 9 paise, reaching a lifetime low of 83.22 to the greenback
New Delhi:
The Rupee depreciated for the fourth straight day and settled 9 paise decrease at its lifetime low of 83.22 (provisional) towards the US greenback on Thursday amid a agency American foreign money and elevated crude oil costs.
Constructive pattern within the home fairness markets, nevertheless, offered a cushion to the rupee, in keeping with foreign exchange merchants.
Crude oil breached the USD 90 per barrel-mark after oil producing nations agreed to increase provide reduce until December this yr whereas greenback stayed agency on safe-haven demand.
On the interbank international trade, the home unit opened at 83.15 towards the greenback and traded within the vary of 83.12 to 83.22 towards the dollar. It ended on the lowest stage of 83.22 (provisional) towards the greenback, registering a fall of 9 paise from its earlier shut.
On Wednesday, the rupee settled 9 paise decrease at 83.13 towards the greenback. Earlier, the Indian foreign money had closed on the identical stage of 83.13 on August 21.
The home unit has declined 60 paise since Monday when it had closed 9 paise decrease at 82.71 towards the dollar. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week.
“We anticipate rupee to commerce with a unfavorable bias on robust greenback and elevated crude oil costs. Disappointing European knowledge could additional assist greenback. Rising US treasury yields and considerations over international financial progress may additionally weigh on rupee,” Anuj Choudhary – Analysis Analyst at Sharekhan by BNP Paribas, mentioned.
In the meantime, the greenback index, which gauges the dollar’s power towards a basket of six currencies, rose by 0.09 per cent to 104.95.
Brent crude futures, the worldwide oil benchmark, was buying and selling 0.39 per cent decrease at USD 90.25 per barrel.
On the home fairness market entrance, the BSE Sensex closed 385.04 factors or 0.58 per cent increased at 66,265.56 factors whereas the broader Nifty jumped 116 factors or 0.59 per cent to finish at 19,727.05 factors.
International Institutional Traders (FIIs) had been internet sellers within the capital market on Wednesday as they offloaded shares price Rs 3,245.86 crore, in keeping with trade knowledge.
(Aside from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)