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Rupee falls 9 paise to 82.74 against US dollar on rising crude prices

 


Forex dealers said foreign fund outflow put pressure on the domestic unit.

The rupee depreciated 9 paise to 82.74 against the US dollar in early trade on Tuesday as rising crude oil prices weighed on investor sentiment.

Besides, outflow of foreign funds put pressure on the domestic unit, forex dealers said.

At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar, then slipped further to 82.74, registering a decline of 9 paise over its previous close.

In the previous session on Monday, the rupee had gained 17 paise to close at 82.65 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19 per cent to 104.11.

Global oil benchmark Brent crude futures rose 0.45 per cent to $84.30 a barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 61.14 points, or 0.10 per cent, higher at 60,627.56. The broader NSE Nifty rose 17.90 points, or 0.1 per cent, to 18,032.50.

Foreign institutional investors (FIIs) were net sellers in the capital market on Monday as they sold shares worth Rs 497.65 crore, according to exchange data.

"... exporters selling is likely to cap the upside in USD/INR towards the end of the month," IFA Global Research Academy said in a research note. Rupee is expected to trade in the range of 82.60-82.90 with sideways action. is likely to."

China will end quarantine for international travelers from January 8 next year, according to an official announcement on Monday, as it reopens its international borders and comes out of international isolation after nearly three years.


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