Currency market today: Rupee falls 2 paise to 84.07 against US dollar in early trade

Rupee Opened on a steady note and fell 2 paise to 84.07 against the US dollar in early deals on Wednesday amid persistent foreign fund outflows and decline in domestic equities.

Forex traders said the US currency’s strength in overseas markets has weighed on investor sentiments, while softening crude oil prices and any intervention by the Reserve Bank of India (RBI) could support the local currency at lower levels. Is.

on interbank foreign exchangeThe rupee opened at 84.06 against the dollar. In early trade it reached 84.07, down 2 paise from its previous close.

• Also read: Indian stock markets opened with a decline as sentiment did not improve due to technical rally in America.

On Tuesday, the rupee closed at 84.05 against the US dollar with a gain of 2 paise.

The local currency is hovering around its all-time low. The rupee reached its lowest closing level of 84.10 against the dollar on October 11.

According to traders, the rupee is under heavy pressure mainly due to continuous foreign fund withdrawal.

“The Indian rupee remains firmly range-bound, trading between 83.90 and 84.10, with the RBI actively limiting any upward movement in the pair. This controlled approach suggests that the rupee may There is a possibility of continuation within the range, and inclination to trade near lower levels,” said Amit Pabari, MD, CR Forex Advisors.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.31.

Global oil benchmark Brent crude was up 0.51 per cent at $71.48 a barrel in futures trade.

On the domestic equity market front, Sensex fell 325.94 points or 0.41 per cent to 80,043.09. Nifty fell 90.75 points or 0.37 percent to 24,376.10 points.

Foreign Institutional Investor (FII) There were net sellers in the capital market on Tuesday as they sold shares worth ₹548.69 crore, according to exchange data.