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Rupee depreciated by 3 paise to 82.70 against the US dollar

Rupee fell 3 paise to 82.70 per dollar in early trade on Wednesday, mirroring a strong US currency against major rivals overseas and gloomy sentiments in domestic and global equity markets. According to forex traders, crude oil is trading below USD 75 per barrel, and foreign cash inflows have failed to strengthen the Indian rupee. The dollar was trading at a high of 104 as encouraging developments on the US debt ceiling bill encouraged investors. Participants were also anxious about the payroll statistics set to be announced on Friday. The domestic unit began at 82.71 versus the dollar on the interbank foreign exchange.

The currency struck a low of 82.73 and a high of 82.68 before trading at 82.70, a 3 paise drop from its previous finish. The rupee finished at 82.67 versus the US dollar on Tuesday. Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, increased 0.14 percent to 104.32. Brent crude futures decreased 0.26% to USD 73.35 per barrel, the global oil benchmark.  The 30-share BSE Sensex fell 235.47 points, or 0.37 percent, to 62,733.66 in the domestic equity market. The NSE Nifty fell 76 points, or 0.41 percent, to 18,557.85. On Tuesday, foreign institutional investors were net purchasers in the capital market, purchasing shares worth Rs 2,085.62 crore.


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