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Rupee falls 8 paise to 82.75/$

Weakness in US dollar, decline in crude oil prices cushioned the downside of local unit

Rupee falls 8 paise to 82.75/$

Mumbai: The rupee declined by 8 paise to settle at 82.75 (provisional) against the US dollar on Monday, tracking bearish equity markets.

Forex analysts said weakness in the US dollar and a decline in crude oil prices cushioned the downside. At the interbank foreign exchange market, the local unit opened at 82.74 and touched the intra-day low of 82.76 against the greenback. The local unit finally settled at 82.75 (provisional) against the dollar, registering a loss of 8 paise from its previous close. On Thursday, the rupee climbed 16 paise to settle at 82.67 against the US dollar. The forex market was closed on Friday for Mahashivratri. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 104.21, unchanged from its previous close.

“We expect the rupee to trade with a slight negative bias on risk aversion in global markets and concerns that FIIs may sell leading to outflows. Any recovery in the US dollar and any pullback in crude oil prices may also weigh on the rupee,” said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas.

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