The rupee on Monday pared most of its opening losses against the US dollar and settled 4 paise lower at a new lifetime low of 82.34 (provisional), weighing on risk-averse sentiment among investors. Besides, a downside trend in domestic equities and a strong greenback overseas dampened investor appetite, forex traders said.
In the interbank forex market, the local currency opened at 82.68, then fell to an all-time low of 82.69. According to forex traders, the local unit closed early losses on potential central bank intervention and finally settled for the day at an all-time low of 82.34 against the US currency, down 4 paise over its previous close. was.
On Friday, the rupee had lost 13 paise to close at 82.30. Dilip Parmar, Research Analyst, HDFC Securities said, “The Indian rupee eased early losses on possible central bank intervention and corporate inflows. Fall in crude oil prices also supported the rupee in today’s session.”
However, amidst tight liquidity conditions and risk-averse sentiments, the directional trend for the rupee remains bearish, Parmar said, adding, “The spot is providing near-term resistance at USD-INR 82.90 and support at 81.95.” Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.23 per cent to 113.05. Global oil benchmark Brent crude futures fell 0.71 per cent to $97.22 per barrel.
On the domestic equity market front, the 30-share BSE Sensex fell 200.18 points or 0.34 per cent to end at 57,991.11, while the broader NSE nifty It fell 73.65 points, or 0.43 per cent, to 17,241.00. Foreign institutional investors were net sellers in the capital markets on Friday as they sold shares worth Rs 2,250.77 crore, according to exchange data.
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