Mumbai: The rupee depreciated 25 paise to 82.62 (provisional) against the US dollar on Wednesday amid a stronger greenback against major currencies overseas and unabated foreign fund outflows.
Traders said negative sentiment in the domestic equity market also weighed on the domestic currency.
At the interbank foreign exchange, the domestic unit opened strong at 82.32 against the dollar and traded in the range of 82.30 and 82.62. It finally settled at 82.62 (provisional) against the American currency, showing a decline of 25 paise over its previous close.
This is the third consecutive day of fall in the rupee.
On Tuesday, the rupee had closed at 82.37 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.43 per cent to 104.04.
Global oil benchmark Brent crude futures rose 0.46 per cent to $77.81 a barrel.
On the domestic equity market front, the 30-share BSE Sensex declined 344.29 points, or 0.59 per cent, to 57,555.90, while broader nse nifty It closed at 16,972.15, down 71.15 points or 0.42 per cent.
foreign institutional investors (FIIs) remained net sellers in the capital market on Tuesday as they sold shares worth Rs 3,086.96 crore, according to exchange data.
In contrast to domestic market benchmark indices, global markets were mostly buoyed by expectations of a slow hike in interest rate by the US Federal Reserve in the backdrop of low inflation.
The US consumer price index rose broadly in line with expectations at 6 per cent in February.
Traders said negative sentiment in the domestic equity market also weighed on the domestic currency.
At the interbank foreign exchange, the domestic unit opened strong at 82.32 against the dollar and traded in the range of 82.30 and 82.62. It finally settled at 82.62 (provisional) against the American currency, showing a decline of 25 paise over its previous close.
This is the third consecutive day of fall in the rupee.
On Tuesday, the rupee had closed at 82.37 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.43 per cent to 104.04.
Global oil benchmark Brent crude futures rose 0.46 per cent to $77.81 a barrel.
On the domestic equity market front, the 30-share BSE Sensex declined 344.29 points, or 0.59 per cent, to 57,555.90, while broader nse nifty It closed at 16,972.15, down 71.15 points or 0.42 per cent.
foreign institutional investors (FIIs) remained net sellers in the capital market on Tuesday as they sold shares worth Rs 3,086.96 crore, according to exchange data.
In contrast to domestic market benchmark indices, global markets were mostly buoyed by expectations of a slow hike in interest rate by the US Federal Reserve in the backdrop of low inflation.
The US consumer price index rose broadly in line with expectations at 6 per cent in February.
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