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Image used for representational purpose only | Photo credit: R. Ragu
The rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday (September 6, 2024) amid weakening of the dollar against major currencies overseas.
Forex traders said rising international crude oil prices, negative cues from domestic equity markets and foreign capital outflows limited the gains in the local currency.
The rupee opened 1 paisa higher at 83.96 against the dollar at the Interbank Foreign Exchange market. On Thursday, the domestic unit had closed 4 paisa higher at 83.97.
On Wednesday, the rupee had breached the crucial 84 mark for the second time in a month and closed three paise lower at 84.01 against the US currency.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.10% to 100.97.
Analysts said the US currency declined as investors awaited cues from US employment data to be released today.
In futures trading, the price of international standard Brent crude rose marginally by 0.01% to reach $72.70 per barrel.
In the domestic stock market, the 30-share BSE Sensex fell 189.44 points or 0.23% to 82,011.72, while the Nifty fell 52.55 points or 0.21% to 25,092.55.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 688.69 crore, according to exchange data.
Published – September 06, 2024 11:21 am IST
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