Rupee Rises 1ps To 84.04/$
Expect the local unit to trade with a negative bias on FII outflows and risk aversion in global markets amid geopolitical uncertainty in the Middle East
Rupee Rises 1ps To 84.04/$
Mumbai: The rupee witnessed a range-bound trade and appreciated 1paisa to 84.04 against the US dollar on Tuesday, as weak crude oil prices and suspected intervention by the Reserve Bank supported the local currency at lower levels. Forex traders said the rupee was weighed down by significant foreign fund outflows, a negative trend in domestic equities and the overall strength of the American currency in the overseas market. At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and traded in a tight range of 84.03 and 84.07. The unit settled for the day at 84.04, registering a rise of just 1paisa over its previous close.
On Monday, the rupee recovered from its all-time low levels and appreciated 5paise to close at 84.05 against the US dollar. “The Indian rupee is near all-time lows on strong dollar and weak Asian currencies. Weak tone in the domestic equities and surge in inflation also weighed on the rupee,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
