Rupee falls 3 paise against US dollar – Times of India

MUMBAI: The rupee depreciated 3 paise to close at 82.63 against the US dollar on Monday, tracking a strong American currency against major rivals overseas. However, a firm trend in domestic equities, foreign capital inflows and lower crude prices restricted the fall in the domestic unit, forex traders said.
Meanwhile, the dollar strengthened as investors were upbeat on the tentative agreement between US President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is likely to face voting on Wednesday before getting sealed.
At the inter-bank foreign exchange market, the local unit opened strong at 82.57 against the US dollar. During intra-day, the domestic currency touched a high of 82.51 and a low of 82.67.
The currency finally settled at 82.63 against the US dollar, registering a fall of 3 paise over its previous close.
On Friday, the rupee closed at 82.60 against the US currency.
“The rupee traded in a small range between 82.55-82.65 with US holiday participants staying away on a day where there was positive movement in capital markets. The rupee can see the range move continue as participants will await NFP data on Friday.
“The rupee strength can be seen in capital market participation continuing, then the rupee can breach above 82.50 and touch 82.25 zones in coming sessions,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 per cent to 104.23.
Global oil benchmark Brent crude futures declined 0.40 per cent to USD 76.64 per barrel.
On the domestic equity market front, the 30-share BSE Sensex advanced 344.69 points or 0.55 per cent to close at 62,846.38 points, and the broader NSE Nifty rose 99.30 points or 0.54 per cent to 18,598.65 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs 1,758.16 crore, according to exchange data.