Rupee falls 35 paise to close at 83.06 as foreign funds exit domestic equity market
At the interbank foreign exchange, the rupee opened at 82.78 against the US dollar and settled at 83.06 (provisional) against the greenback.
CHENNAI: Rupee fell by 35 paise to close at 83.06 against the US dollar on Tuesday, as foreign funds exited domestic equity markets and crude oil prices soared.
At the interbank foreign exchange, the rupee opened at 82.78 against the US dollar and settled at 83.06 (provisional) against the greenback. The rupee hit the 83 level against the dollar for the fifth time since August 14 and was at 82.71 against the dollar on Monday.
Data shows, Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,725 crore on Tuesday and Rs 3,367.67 crore on Monday. Saudi Arabia also decided to extend its voluntary oil output cut till the end of 2023. It will cut down to 1 million barrels per day for another three months to support its price. Oil prices rose sharply following the announcement.
Brent crude, the global benchmark, jumped 1.4% to $90.25 a barrel. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, climbed by 0.38% to 104.64. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee depreciated due to the strong dollar and weak Asian currencies.