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The Rupee depreciated six paise to 82.01 against the U.S. dollar in early trade on April 26, weighed down by foreign fund outflows and a negative trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened weak at 82.00 against the dollar, then fell to 82.01, registering a decline of six paise over its last close. On Tuesday, the Rupee settled at 81.95 against the dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04% to 101.82. Brent crude futures, the global oil benchmark, advanced 0.37% to $81.07 per barrel.
“The undercurrents of the rising chaos on the global front amid geo-political concerns and a sudden change in the risk on and off mode are not healthy for the currency. However, in the near-term perspective, the pair has been squeezed between 81.80-82.20, and a push above 82.20 is required to take the pair towards 82.50-82.80 levels,” CR Forex Advisors MD Amit Pabari said.
In the domestic equity market, the 30-share BSE Sensex was trading 157.29 points or 0.26% lower at 59,973.42 points. The broader NSE Nifty declined 50.30 points or 0.28% to 17,718.95 points. Foreign Institutional Investors were net sellers in the capital markets on April 25 as they offloaded shares worth ₹407.35 crore, according to exchange data.
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