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Rupee falls 3 paise to settle at 84.01 against US dollar

The Indian unit had touched its lowest closing level of 84.09 on August 5
08:46 AM Sep 05, 2024 IST | PRESSS TRUST OF INDIA
rupee falls 3 paise to settle at 84 01 against us dollar
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Mumbai, Sep 04: The rupee breached the crucial 84-mark second time within a month and settled 3 paise lower at 84.01 on Wednesday amid a sharp decline in the domestic equity markets as investors stayed away from riskier assets. However, a weak dollar against major currencies overseas and a drop in crude oil prices capped losses in the local unit, forex traders said.

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At the interbank foreign exchange market, the rupee opened at 83.96 and traded in the range of 83.95-84.02 during the day. The unit moved in a tight range of 83.95-83.97 for most part of the session, but finally settled at 84.01, registering a loss of 3 paise from its previous close of 83.98.

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The Indian unit had touched its lowest closing level of 84.09 on August 5.

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"...Weak domestic markets and risk aversion in the global markets pressurised the rupee. However, a decline in crude oil prices and FII inflows cushioned the downside. India's services PMI expanded to 60.9 in August vs forecast of 60.4 and a reading of 60.3 in July," Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said.

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The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.17 per cent to 101.65.

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