The rupee depreciated 4 paise to 82.41 against the US dollar in early trade. Image for representation purpose only. , Photo credit: Getty Images/iStockphoto
The rupee depreciated 4 paise to 82.41 against the US dollar in early trade on May 18 as a weaker Asian peers and a stronger American currency weighed on investor sentiment.
Forex traders said a positive trend in domestic equities supported the local unit and restricted the depreciation bias.
At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, then declined to 82.41, registering a decline of 4 paise over its previous close.
The rupee had closed at 82.37 against the dollar on Wednesday.
Indian rupee weakened marginally against the greenback on Thursday morning, as a bullish Fed boll, weak Asian peers and marginal firming in oil prices weighed on sentiment, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
However, hopes of a deal on the debt ceiling could calm investors’ nerves and provide relief to sentiment, Mr Iyer said, adding that the presence of the Reserve Bank of India to curb excessive volatility could not be ruled out. Could
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.03% to 102.91.
Global oil benchmark Brent crude futures fell 0.26% to $76.76 a barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 211.39 points or 0.34% higher at 61,772.03. The broader NSE Nifty rose 59.15 points, or 0.33%, to 18,240.90.
Foreign institutional investors (FIIs) were net buyers in the capital market on Wednesday as they bought shares worth Rs 149.33 crore, according to exchange data.