New Delhi:

The Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday amid a firm American currency and elevated crude oil prices.

Positive trend in the domestic equity markets, however, provided a cushion to the rupee, according to forex traders.

Crude oil breached the USD 90 per barrel-mark after oil producing countries agreed to extend supply cut till December this year while dollar stayed firm on safe-haven demand.

At the interbank foreign exchange, the domestic unit opened at 83.15 against the dollar and traded in the range of 83.12 to 83.22 against the greenback. It ended at the lowest level of 83.22 (provisional) against the dollar, registering a fall of 9 paise from its previous close.

On Wednesday, the rupee settled 9 paise lower at 83.13 against the dollar. Earlier, the Indian currency had closed at the same level of 83.13 on August 21.

The domestic unit has declined 60 paise since Monday when it had closed 9 paise lower at 82.71 against the greenback. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week.

“We expect rupee to trade with a negative bias on strong dollar and elevated crude oil prices. Disappointing European data may further support dollar. Rising US treasury yields and concerns over global economic growth may also weigh on rupee,” Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.09 per cent to 104.95.

Brent crude futures, the global oil benchmark, was trading 0.39 per cent lower at USD 90.25 per barrel.

On the domestic equity market front, the BSE Sensex closed 385.04 points or 0.58 per cent higher at 66,265.56 points while the broader Nifty jumped 116 points or 0.59 per cent to end at 19,727.05 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,245.86 crore, according to exchange data.
 

New Delhi:

The rupee depreciated by 10 paise and settled for the day at an all-time low of 83.14 (provisional) against the US dollar today, weighed down by a surge in crude oil prices and strong American currency.

Forex traders said the Indian rupee depreciated today as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.

At the interbank foreign exchange market, the local unit opened at 83.08 against the US dollar and moved in a range of 83.02 to 83.18 in the day trade.

The rupee finally settled at 83.14 (provisional) against the US dollar, down 10 paise from its previous close.

The India currency earlier hit the lowest level of 83.13 on August 21 this year.

On Tuesday, the rupee plunged by 33 paise to close at 83.04 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell marginally by 0.07 per cent to 104.73.

Brent crude futures, the global oil benchmark, declined 0.67 per cent to USD 89.44 per barrel.

“Brent crude breached the USD 90/barrel mark. US dollar gained on safe-haven demand amid concerns over global economic slowdown after China’s Caixin Services PMI fell to an 8-month low at 51.8 in August vs forecast of 53.6,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Mr Choudhary further said that “we expect the rupee to trade with a negative bias on risk aversion in global markets and a strong US dollar.

“FII outflows and rising crude oil prices may further pressurise rupee. However, any intervention by the RBI and expectations of a no rate hike by Fed in its September FOMC may support rupee at lower levels. Traders may take cues from ISM services PMI data from the US.” On the domestic equity market front, the 30-share BSE Sensex closed 100.26 points or 0.15 per cent higher at 65,880.52. The broader NSE Nifty advanced 36.15 points or 0.18 per cent to 19,611.05.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 1,725.11 crore, according to exchange data.
 

Mumbai:

The Rupee edged lower by 1 paisa to settle at an all-time low of 83.10 (provisional) against the US dollar on Friday, weighed down by a negative trend in domestic equities and foreign fund outflows.

Forex traders said the rupee is likely to trade with a negative bias on risk aversion in global markets and a rising US dollar.

At the interbank foreign exchange, the domestic unit opened at 83.03 against the dollar and moved in a range of 83.02 to 83.13 in the day trade. It finally ended the day at 83.10 (provisional), registering a fall of 1 paisa from its previous close.

On Thursday, the rupee settled lower by 1 paisa at a record low of 83.09 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.11 per cent to 103.46.

Brent crude futures, the global oil benchmark, declined 0.32 per cent to USD 83.85 per barrel.

The rupee declined marginally on weak domestic markets and foreign fund outflows, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

However, the softness of the US dollar cushioned the downside. The US dollar eased as the Chinese central bank intervened after the Yuan fell to a 16-year low.

The US dollar gained on Thursday as US weekly unemployment claims declined to 239,000 as compared to 250,000 in the previous week showing a tight labour market.

“We expect the rupee to trade with a negative bias on risk aversion in global markets and overall strength in the greenback. Recovery in crude oil prices may also weigh on Rupee. However, any intervention by the Reserve Bank of India may support Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.50,” Choudhary added.

On the domestic equity market front, the 30-share BSE Sensex closed 202.36 points or 0.31 per cent lower at 64,948.66 points. The broader NSE Nifty declined 55.10 points or 0.28 per cent to close at 19,310.15 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,510.86 crore, according to exchange data.