Mumbai: The rupee on Friday fell 7 paise to close at 83.35 (provisional) against the US dollar as strengthening of the American currency overseas and selling in domestic equities put pressure on the local unit.
Besides, rising crude oil prices in the international market and risk-taking sentiment dragged the local unit down, forex traders said.
At the interbank forex market, the local unit opened strong at 83.3 and remained in the range of 83.30-83.36 during the session.
The local currency finally closed at 83.35 (provisional) against the dollar, registering a decline of 7 paise from its previous close.
In the previous session, the rupee had closed at 83.28 against the US dollar.
“The Indian Rupee declined marginally due to weak domestic markets and rise in crude oil prices. We expect the Rupee to remain marginally weaker due to renewed geopolitical tensions in the Middle East and weakness in domestic equities.
Research Analyst Anuj Chaudhary said, “Rising crude prices and FII outflows may put pressure on the rupee, however, any RBI intervention may support the rupee at lower levels. We expect USDINR to trade near 83.10- Will trade in the range of 83.60.” Sharekhan by BNP Paribas said.
Brent crude futures, the global oil benchmark, rose 0.38 percent to US$89.3 a barrel.
The dollar index, which gauges the greenback's strength against a basket of currencies, rose 0.05 percent to 105.49.
On the domestic equity market front, Sensex closed at 73,730.16, down 609.28 points or 0.82 per cent and Nifty closed at 22,419.95, down 150.40 points or 0.67 per cent.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 2,823.33 crore, according to T exchange data.
Besides, rising crude oil prices in the international market and risk-taking sentiment dragged the local unit down, forex traders said.
At the interbank forex market, the local unit opened strong at 83.3 and remained in the range of 83.30-83.36 during the session.
The local currency finally closed at 83.35 (provisional) against the dollar, registering a decline of 7 paise from its previous close.
In the previous session, the rupee had closed at 83.28 against the US dollar.
“The Indian Rupee declined marginally due to weak domestic markets and rise in crude oil prices. We expect the Rupee to remain marginally weaker due to renewed geopolitical tensions in the Middle East and weakness in domestic equities.
Research Analyst Anuj Chaudhary said, “Rising crude prices and FII outflows may put pressure on the rupee, however, any RBI intervention may support the rupee at lower levels. We expect USDINR to trade near 83.10- Will trade in the range of 83.60.” Sharekhan by BNP Paribas said.
Brent crude futures, the global oil benchmark, rose 0.38 percent to US$89.3 a barrel.
The dollar index, which gauges the greenback's strength against a basket of currencies, rose 0.05 percent to 105.49.
On the domestic equity market front, Sensex closed at 73,730.16, down 609.28 points or 0.82 per cent and Nifty closed at 22,419.95, down 150.40 points or 0.67 per cent.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 2,823.33 crore, according to T exchange data.
