Rupee Vs. USD: Rupee Weakens against US Dollar

20 Jun 2023 , 09:34 AM

The Indian rupee started the trading session on Tuesday with a 9-paise decline against the US dollar, following the trend set by Asian currencies that experienced losses due to a decrease in risk appetite.

The local currency opened at 82.03 against the dollar, slightly lower compared to the previous closing rate of 81.94.

Several other Asian currencies faced depreciation ranging between 0.1% to 0.3%, while the dollar index experienced a slight increase, reaching 102.56.

On Monday, the Indian rupee ended the trading day with little change against the US dollar at 81.94. Crude oil prices also observed a decline after China’s decision to lower benchmark lending rates.

Brent crude recorded a decrease of 5 cents, settling at $76.04 per barrel. Similarly, US West Texas Intermediate (WTI) crude for August delivery experienced a drop of 71 cents from Friday, reaching $71.22 per barrel.

In the domestic market, the Indian equity indices, Sensex and Nifty, showed a stagnant trend during the pre-opening session, influenced by mixed global cues.

On Monday, the provisional data available on the exchanges revealed that Foreign Institutional Investors (FIIs) net sold Indian equities worth Rs 1,030.90 crore, while Domestic Institutional Investors (DIIs) net sold shares amounting to Rs 365.20 crore.

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