The rupee drops 9 rupees to 83.18 versus the US dollar.
Rupee, In early trade on Thursday, the rupee fell 9 paise to 83.18 versus the US dollar as a result of the strong greenback in international markets. However, the ₹ was able to contain the decline thanks to FII inflows and rising crude oil prices, according to FX brokers. The ₹ began trading at a lower rate versus the US dollar at 83.18 on the interbank foreign exchange market. In the morning trades, it fluctuated in a narrow range.
The US dollar dropped from its high levels as US inflation data came in lower than anticipated, and the ₹ gained 24 paise to settle at 83.09 versus the US dollar on Wednesday. The benchmark for global oil, Brent crude futures, dropped 0.91 percent to USD 80.44 a barrel. According to analysts, a larger-than-expected weekly rise in US crude stocks and indications of slowing demand in China were the main causes of the oil prices’ continued decrease in Asian trading. Regarding the local equities market, the BSE Sensex fell to 65,548.23 points, a decrease of 127.70 points, or 0.19 percent. The NSE Nifty, as a whole, dropped 24.30 points, or 0.12%, to 19,651.15 points.
Exchange data indicates that on Wednesday, foreign institutional investors (FIIs) purchased shares valued at Rs 550.19 crore, making them net purchasers in the capital market.