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Rupee falls 5 paise to close at 82.67 against US dollar

by The Outlooker Web Desk
May 19, 2023
in Business
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Rupee falls 5 paise to close at 82.67 against US dollar
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The rupee fell 5 paise to close at 82.67 (provisional) against the US currency on Friday, weighed down by a strong greenback overseas and surging crude prices in the international market.

However, a firm trend in domestic equities and persistent foreign capital inflows supported the rupee and restricted the fall, traders said.

At the interbank foreign exchange, the domestic unit opened at 82.71 against the dollar, and finally settled at 82.67 (provisional), down 5 paise from its previous close.

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Also read: Where is share market headed after Nifty settles above 18200, Bank Nifty near 44000; check support, resistance

During the day, the rupee touched a high of 82.64 and a low of 82.80 against the greenback.

On Thursday, the rupee had settled at 82.62 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.32 per cent to 103.25.

Brent crude futures, the global oil benchmark, advanced 1.05 per cent to USD 76.66 per barrel.

“Indian rupee fell to a two-month low on overnight surge in the US Dollar and positive crude oil prices. However, late recovery in domestic equities and FII inflows prevented a sharp fall in the rupee,” said Anuj Choudhary – Research Analyst, Sharekhan by BNP Paribas.

Hawkish statements from the US Federal Reserve officials also supported the greenback. There are rising odds that the Fed may continue to hike interest rates in its June FOMC meeting to tame inflation.

“We expect the rupee to trade with a negative bias on the strong Dollar. Optimism over the debt ceiling deal and hawkish Fedspeak may continue to support the US Dollar.

“However, a rise in risk appetite in global markets and inflows from foreign investors may support the rupee at lower levels. Investors may watch out for Fed Chair Jerome Powell’s speech. We expect USD/INR spot to trade in between 82.30 to 83.30 in the near term,” Choudhary added.

Also read: SEBI proposes uniform TER across mutual funds schemes, simpler expense structure for customers

On the domestic equity market front, the 30-share BSE Sensex closed 297.94 points or 0.48 per cent higher at 61,729.68 points. The broader NSE Nifty declined 73.45 points or 0.41 per cent to 18,203.40 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 970.18 crore, according to exchange data.

The Outlooker Web Desk

The Outlooker Web Desk

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