Rupee falls 16ps to 92.01/$

Mumbai: The rupee declined 16paise to settle at 92.01 against the US dollar on Wednesday, weighed down by a sharp rise in global crude oil prices and a stronger greenback as the war in West Asia raged on. FII outflows and weak sentiments in the domestic equity markets further pressured the local unit, according to forex traders.

At the interbank foreign exchange, the rupee opened at 91.92 against the US dollar and traded in the range of 91.85-92.06 before settling at 92.01, down 16paise from its previous close.

The rupee staged a strong recovery from its record low against the US dollar on Tuesday, gaining 36paise to settle at 91.85. “The rupee declined on weak domestic markets and overnight recovery in crude oil prices. Risk-off sentiments in the global markets and FII outflows may continue to weigh on the rupee.

Markets will also watch out for geopolitical developments in West Asia, “ Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said. “Traders may take cues from CPI data from the US. USD-INR spot price is expected to trade in the range of 91.70-92.40,” he added.