On Thursday Indian Rupee depreciated by 37 paise to close at 81.63 against the Dollar tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities.
According to Forex traders after strong US retail sales data pointed to resilient consumption adding room for tighter policy by the US Federal Reserve American currency has strengthened.
The local unit opened at 81.62 and later witnessed an intraday high of 81.45 and a low of 81.68 during the interbank foreign exchange market session.
The domestic unit finally settled at 81.63 against the American currency, registering a fall of 37 paise over its last close.
This Wednesday the rupee was depreciated by 35 paise to close at 81.26 against the US dollar .
The biggest increase posted by US retail was posted in October. UK inflation number came in at 11.1 percent, to a 41-year high, as compared to 10.1 percent in the previous month, said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Somaiya stated that “We expect the USD-INR (Spot) to trade sideways and quote in the range of 81.05 and 81.60,”
Meanwhile, the dollar index, strengthen against a basket of six currencies, rose 0.26 percent to 106.55.
Global oil benchmark Brent crude futures declined 0.40 percent to USD 92.49 per barrel.
the 30-share BSE Sensex fell 230.12 points or 0.37 percent to end at 61,750.60, while the broader NSE Nifty declined 65.75 points or 0.36 percent to 18,343.90 on the domestic equity market front.
According to exchange data on Wednesday Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 386.06 crore.
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