Rupee Falls 10 Paise To 82.16 Against US Dollar

• Image Credit: Google

• Mar 13, 2023 | Dhupali Das

The rupee pared its initial gains to settle 10 paise lower at 82.16 (provisional) against the US dollar on Monday...

Digital Desk: The rupee pared its initial gains to settle 10 paise lower at 82.16 (provisional) against the US dollar on Monday, tracking weak sentiment in the domestic equity market and continued outflows of foreign funds.

Traders said a fall in crude oil prices and a weaker dollar against major currencies, however, restricted the fall of the Indian currency.

On the interbank foreign exchange market, the local currency started stronger at 81.78 against the American dollar and fell to 82.20 during the intra-day. It ended at 82.16 (provisional) against the greenback, registering a loss of 10 paise from its previous closure of 82.06.

Meanwhile, the dollar index, which gauges the strength of the greenback's currency against a basket of six currencies, dropped 0.37 percent to 104.19.

Global oil benchmark Brent crude futures fell 1.72 percent to USD 81.36 per barrel. 

On the domestic equity market front, the 30-share BSE Sensex declined 897.28 points or 1.52 percent to end at 58,237.85, while the broader NSE Nifty fell 258.60 points or 1.49 percent to 17,154.30.

According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, offloading shares worth 2,061.47 crores.

Investors were trading cautiously, worried about the developments following the collapse of Silicon Valley Bank in the United States.