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Rupee falls 3 paise to 83.15 against U.S. dollar in early trade

January 17, 2024 11:10 am | Updated 11:10 am IST - Mumbai

Inflow of foreign funds in domestic equity markets and softening crude oil prices in the international markets resisted a steep fall in the domestic currency

File. | Photo Credit: Reuters

The rupee depreciated 3 paise to 83.15 against the U.S. dollar on January 17, tracking a strong greenback against major rivals overseas and massive selling in domestic equity markets.

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However, inflow of foreign funds in domestic equity markets and softening crude oil prices in the international markets resisted a steep fall in the domestic currency, Forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.13 and slipped further to 83.15 against the dollar, registering a loss of 3 paise from its previous close.

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On Tuesday, the rupee declined 26 paise to settle at 83.12 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08% higher at 103.19 on Wednesday.

Analysts attributed unabated gains in the US dollar to safe-haven demands amid concern over disruption in global trade through the Red Sea route.

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Brent crude futures, the global oil benchmark, declined 0.47% to $77.92 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 719.37 points, or 0.98%, lower at 72,409.40. The broader NSE Nifty declined 233.10 points, or 1.06%, to 21,799.20.

Foreign Institutional Investors (FIIs) were net buyers in the equity market on Tuesday as they bought shares worth ₹656.57 crore, according to exchange data.

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