Monday, June 19, 2023

Rupee depreciates by 6 paisas to 81.96 US cents

 MUMBAI: In early Monday trade, the rupee lost 6 paise to 81.96 against the US dollar due to the strong American currency against major rivals overseas.

Analysts stated that the declining crude price and FII inflows into local stocks failed to support the Indian currency.

The domestic currency opened lower at 81.93 and fell to 81.98 before trading at 81.96, a 6 paise decrease from its previous close at the interbank foreign exchange.

The rupee traded at 81.90 against the dollar on Friday.

On Monday, crude oil prices fell, with the benchmark Brent crude contracting by 1.46 percent to USD 75.49 per barrel.

At 102.35, the dollar index, which measures the strength of the dollar against a basket of six currencies, was up 0.01%.

The 30-share BSE Sensex was up 179.17 points, or 0.28 percent, to 63,563.75 on the domestic equity market. To 18,873.75, the broader NSE Nifty gained 47.75 points, or 0.25%.

According to exchange data, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, purchasing shares worth Rs 794.78 crore.

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