Rupee depreciates 7 paise on strong greenback
image for illustrative purpose
Mumbai: The rupee fell 7 paise to close at 82.75 against the US dollar on Thursday, weighed down by the strength of the American currency in the overseas market.
At the interbank foreign exchange, the domestic unit opened at 82.76 against the dollar, and finally settled at 82.75, down 7 paise from its previous close. During the day, the rupee touched a high of 82.70 and a low of 82.78 against the greenback. On Wednesday, the rupee had settled at 82.68 against the dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 104.02. Brent crude futures, the global oil benchmark, declined 1.47 per cent to $77.21 per barrel. According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, the rupee depreciated on weak domestic equities and a strong US Dollar.
The US Dollar has surged to a 10-week high and breached 104 levels on safe-haven demand as the debt ceiling impasse has deteriorated market sentiments. Hawkish fedspeak also supported the greenback.
