Rupee falls 12 paise to close at 82.70 against US dollar

PTI Updated: February 13, 2023 21:59 IST


     Mumbai, Feb 13 (PTI) The rupee fell by 12 paise to close at 82.70 against the US currency on Monday, weighed down by muted trend in domestic equities.
     However, sustained inflow of foreign funds into the domestic equity market resisted the fall in the Indian currency, forex traders said.
     At the interbank foreign exchange market, the rupee opened at 82.68 against the greenback, and fell to an intra-day low of 82.77. It finally settled at 82.70, down 12 paise over its previous close.
     In the previous session on Friday, the rupee settled at 82.58 against the dollar.
     The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.24 per cent lower at 103.38.
     According to Jateen Trivedi, VP Research Analyst at LKP Securities, rupee traded weak as the strength of the dollar index kept pressure on global currencies including rupee.
     "Asian currencies were also dragged lower with the Japanese Yen, the biggest loser in the basket of indexes against the dollar," Trivedi said.
     Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, said: "Inflation from the US will be released on Tuesday and is likely to trigger volatility for the dollar," Somaiya said, adding that "we expect the USD-INR (Spot) to trade sideways and quote in the range of 82.30 and 82.90."
     On the domestic macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance limit and touched a three-month high of 6.52 per cent in January, mainly due to higher prices in the food basket, including cereals and protein-rich items.
     Global oil benchmark Brent crude futures declined 0.66 per cent to USD 85.82 per barrel.
     The 30-share BSE Sensex ended 250.86 points or 0.41 per cent lower at 60,431.84, while the broader NSE Nifty declined 85.60 points or 0.48 per cent to 17,770.90.
     Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 1,322.39 crore, according to exchange data.

(This story has not been edited by THE WEEK and is auto-generated from PTI)