Rupee falls 4 paise to close at 82.55 against U.S. dollar

Rupee opened at 82.61 against the dollar and touched a low of 82.64 and a high of 82.34 intra-day

February 10, 2023 06:00 pm | Updated 07:58 pm IST - Mumbai

Image for representation

Image for representation | Photo Credit: C. Venkatachalapathy

The rupee depreciated 4 paise to close at 82.55 (provisional) against the U.S. dollar on Friday, tracking a muted trend in domestic equities and firm crude oil prices.

Forex traders said the rupee consolidated in a narrow range amid risk aversion in global markets.

At the interbank foreign exchange market, the local unit opened at 82.61 against the American currency and touched a low of 82.64 and a high of 82.34 intra-day.

It finally settled at 82.55 against the greenback, down 4 paise from its previous close of 82.51.

According to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, weak domestic equities and a strong dollar impacted the local unit.

"Dollar strengthened on expectations of a rate hike by the Fed and a weak Pound amid disappointing GDP data from the U.K.," he said.

"We expect the rupee to trade with a slight negative bias amid risk aversion in global markets and sharp pullback in crude oil prices. Strong dollar on hawkish tone of Fed may also put pressure on Rupee," Mr. Choudhary added.

Market participants may remain cautious ahead of IIP data from India and Michigan consumer sentiment from the U.S. USD-INR spot price is expected to trade in a range of Rs 82 to Rs 83.30, Choudhary added.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06% to 103.28.

Global oil benchmark Brent crude futures advanced 2.22% to $86.38 per barrel.

On the domestic equity market front, the 30-share BSE Sensex declined 123.52 points or 0.20% to end at 60,682.70, while the broader NSE Nifty fell 36.95 points or 0.21% to 17,856.50.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth ₹144.73 crore, according to exchange data.

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