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The rupee depreciated by 15 paisa, tracking the weakness in its Asian peers and the rise in crude oil prices amid escalated geopolitical conflict in West Asia, said dealers. The local currency settled at Rs 83.97 per dollar on Thursday, against Rs 83.82 per dollar on Wednesday.
The significant outflow from domestic equities further weighed on the Indian unit, said dealers.
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“FPI outflows, importers buying, oil companies buying, and RBI buying dollars have kept the rupee down since it touched the level of Rs 83.43 per dollar, which was a two-month high. Expect the rupee to be in the range of Rs 83.80 to Rs 84.00 on Friday as the market looks to the continuing war and tomorrow’s NFPR data, giving an indication of the jobs condition in the US,” said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
The local currency hit a record low of Rs 83.99 against the US dollar on September 5 of this year. However, the RBI’s intervention in the foreign exchange market via dollar sales prevented the rupee from hitting the psychologically crucial mark of Rs 84 per dollar.
The rupee has remained stable against the US dollar in the current calendar year, with a 0.59 per cent depreciation so far. The dollar index, which measures the strength of the US dollar against a basket of currencies, has fallen by 0.94 per cent in the current calendar year.
First Published: Oct 03 2024 | 8:11 PM IS
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