Economy News

The rupee drops 17 paise to 82.75 against the US dollar – Mintpaisa

Representative image only.

Representative image only. | Photo credit: special arrangement

The rupiah depreciated 17 paise to 82.75 against the US dollar in early trades on Feb. 13, weighed down by a strong US currency and subdued trend in domestic equities. “Strong crude oil prices further rattled investor sentiment,” traders said.

At the interbank exchange, the domestic unit opened weakly at 82.68 against the dollar, then fell back to 82.75, registering a drop of 17 paise compared to its last close. In the previous Friday session, the Rupee stood at 82.58 against the Dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.15% to 103.78. Brent futures, the global oil benchmark, fell 0.83% to $85.67 a barrel.

Forex traders said the rupee is likely to trade with a slight negative bias amid risk aversion in global markets. Additionally, a sharp pullback in crude oil prices and a strong dollar on the Fed’s hawkish tone could also put pressure on the rupiah.

On the domestic stock market, the 30-share BSE Sensex traded 187.1 points or 0.31% lower at 60,495.60. The broader NSE Nifty fell 44.30 points or 0.25% to 17,812.20.

Foreign institutional investors (FIIs) were net buyers in capital markets on Friday as they bought shares worth ₹1,458.02 crore, according to data from the exchange.


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