Forex traders said a weak trend in domestic equity markets also weighed on investor sentiment.
Forex traders said a weak trend in domestic equity markets also weighed on investor sentiment.
The rupee declined by 30 paise to close at 81.77 (provisional) against the US dollar on November 10, 2022, as participants remained cautious ahead of the release of US inflation data.
Forex traders said a weak trend in domestic equity markets also weighed on investor sentiment.
In the interbank forex market, the local unit opened at 81.61 and saw a high of 81.54 and a low of 81.92.
It finally closed at 81.77 against the US currency, registering a decline of 30 paise against its last close of 81.47.
“The rupee came under pressure in the first half of the session ahead of US inflation numbers. Expectations are that inflation may ease and this may limit gains for the dollar,” said Gaurang Somaiya, Forex & Bullion. Analyst, Motilal Oswal Financial Services.
Also, market participants remained cautious ahead of the mid-term election results.
Somaiya said, “Some market participants suggest a strong possibility for Republicans to win a majority in the House and a tight race for Senate control. We expect the USD-INR (Spot) to trade sideways and trade between 81.30 and 81.80,” Somaiya said. Will bid within limits.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.14 per cent to 110.70.
Global oil benchmark Brent crude futures rose 0.03% to $92.68 a barrel.
On the domestic equity market front, the 30-share BSE Sensex ended 419.85 points or 0.69% lower at 60,613.70, while the broader NSE Nifty fell 128.80 points or 0.71% to end at 18,028.20.
Foreign institutional investors (FIIs) remained net buyers in the capital market as they bought shares worth Rs 386.83 crore on Wednesday, according to exchange data.