Rupee Falls 9 Paise To Close At All-time Low Of 83.33 Against US Dollar – News18

The rupee depreciated 9 paise to shut at an all-time low of 83.33 (provisional) towards the US greenback on Wednesday, monitoring a robust dollar towards main rivals abroad and unabated international capital outflows.

Besides, a detrimental development in home equities and elevated crude oil costs amid geopolitical uncertainty within the Middle East weighed on investor sentiments, in line with foreign exchange merchants.

At the interbank international trade, the rupee opened at 83.26 towards the greenback. During the buying and selling session, it touched an intra-day low of 83.35 and a excessive of 83.26 towards the American foreign money.

The native unit lastly settled at its lifetime low of 83.33 (provisional), decrease by 9 paise towards its earlier shut.

On Tuesday, the rupee settled at 83.24 towards the American foreign money.

“We expect the rupee to trade with a slight negative bias on the strong Dollar amid geopolitical uncertainty in the Middle East. Weak tone in domestic markets may also weigh on the rupee.

“Traders may take cues from manufacturing PMI from India and ADP non-farm employment, JOLTS job opening and ISM manufacturing PMI data from the US. Investors may remain cautious ahead of the FOMC meeting tonight. USD/INR spot price is expected to trade in a range of Rs 83-83.60,” mentioned Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Meanwhile, the greenback index, which gauges the dollar’s energy towards a basket of six currencies, was buying and selling 0.20 per cent larger at 106.87.

Global oil benchmark Brent crude futures superior 1.34 per cent to USD 86.16 per barrel. On the home fairness market entrance, BSE Sensex was buying and selling 283.60 factors or 0.44 per cent decrease at 63,591.33, whereas the broader NSE Nifty declined 90.45 factors or 0.47 per cent to 18,989.15.

Forex merchants mentioned disappointing macroeconomic information from India and FII outflows additional pressurised the rupee.

On the home macroeconomic information, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) slipped from 57.5 in September to 55.5 in October, the slowest charge of growth since February.

Foreign institutional buyers have been internet sellers within the capital market on Tuesday as they offloaded shares price Rs 696.02 crore, in line with trade information.

(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)