Rupee declines 12 paise against the dollar

2 Nov 2022 , 02:45 PM

In morning trade on Wednesday, the rupee lost 12 paise to 82.71 against the US dollar due to a flat trend in domestic stocks. Forex traders reported that the rupee started the day flat before the US Federal Reserve’s anticipated announcement of its monetary policy later in the day.

The local unit began trading at the interbank foreign exchange at 82.64 versus the dollar before losing more ground and closing at 82.71, down 12 paise from the previous level. The local currency’s initial exchange rate versus the US dollar was 82.62. The rupee’s exchange rate versus the dollar on Tuesday was 82.59.

The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.23 % to 111.22. The benchmark for world oil, Brent crude futures, increased 1.27 % to USD 95.85 a barrel. The 30-share BSE Sensex was down 8.33 points, or 0.01 %, at 61,113.01 on the domestic equities market, and the larger NSE Nifty was down 0.04 % at 18,141.15. According to exchange data, foreign institutional investors (FIIs) were net purchasers on Tuesday, buying shares worth Rs2,609.94 crore.

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