Rupee drops 6 paise to close at 83.64 against U.S. dollar

The rupee weakens against dollar due to foreign fund outflows, but gains on lower crude prices and strong equities

The rupee depreciated by 6 paise to settle at 83.64 (provisional) against the U.S. dollar on Thursday (September 26, 2024), dragged by sustained foreign fund outflows.

“However, a decline in global crude prices and a firm trend in domestic equities restricted the rupee losses,” forex traders said.

At the interbank foreign exchange, the local unit opened slightly weak at 83.66 against the American currency. During the session, it dropped 13 paise to touch 83.71.

However, the local unit recovered some lost ground to settle at 83.64, a decline of 6 paise against its previous close.

On Tuesday (September 24, 2024), the rupee closed at 83.58 against the American currency.

On the domestic equity markets front, the Sensex climbed 666.25 points to settle at an all-time high of 85,836.12, while the Nifty rallied 211.90 points to hit a record of 26,216.05.

The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.14% to 100.48.

Brent crude, the international benchmark, fell 1.51% to 72.35 in futures trade.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday (September 25, 2024), offloading shares worth ₹973.94 crore, according to exchange data.

Published - September 26, 2024 04:59 pm IST