Rupee Plunges 14ps To 83.96/$
USD-INR spot price is expected to trade in a range of Rs83.75 to Rs84.20. Traders may take cues from ISM services PMI, weekly unemployment claims and factory orders data from the US
Rupee Plunges 14ps To 83.96/$
Mumbai: Rupee depreciated 14paise to settle at 83.96 against the US dollar on Thursday, as volatile geopolitical situation triggered a surge in crude oil prices and weighed down by a steep fall of over two per cent in domestic equity markets. According to forex traders, a strong American currency and unabated outflow of foreign funds fuelled by the bullish Chinese markets also accelerated the rupee’s slide. At the interbank foreign exchange, the local unit opened at 83.91 and touched the low of 83.97 against the greenback during intra-day. The unit ended the session at 83.96 against the American currency, registering a steep loss of 14paise from its previous closing level.
On Tuesday, the rupee settled 3paise lower at 83.82 against the American currency. Forex markets were closed on Wednesday on account of Mahatma Gandhi Jayanti. According to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, the rupee declined on weak domestic markets and a strong dollar, while a surge in crude oil prices also weighed on the domestic unit.
