Re falls 3ps to settle at 83.46/$

Mumbai: The rupee stayed range-bound and closed 3paise lower at 83.46 against the US dollar on Thursday amid a strong American currency and rising crude oil prices in global markets. Forex traders said positive sentiment in the domestic equity markets and the inflow of foreign capital capped a sharp fall in the domestic currency. At the interbank foreign exchange, the domestic unit opened strong at 83.41 and touched the intra-day low of 83.49 against the greenback. The local unit finally settled at 83.46 against the dollar, down 3paise from its previous close.

The rupee had settled 2paise higher at 83.43 against the dollar on Tuesday, a day after losing 7paise on Monday. The foreign exchange market was closed on Wednesday on account of Maharashtra Day. On Wednesday, the US Federal Reserve decided to maintain the status quo on the benchmark interest rates, in line with the market expectations. Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said the rupee fell on disappointing PMI data from India. “However, positive domestic markets...cushioned the downside.”

Meanwhile, India’s manufacturing PMI fell to 58.8 in April 2024 from 59.1 in the previous month.