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Rupee ends lower after opening below 81 versus dollar for the first time since December 1

market | Jan 23, 2023 9:33 AM IST

Rupee ends lower after opening below 81 versus dollar for the first time since December 1

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Rupee ended lower vs dollar on Monday amid fall in the value of greenback against a basket of six peers and ease in global crude oil benchmarks. The currency opened 18 paise higher at 80.94, below 81-mark for the first time since December 1.

Rupee, on Monday, ended lower at 81.39 against the US dollar. Earlier in the day, the currency rose 18 paise from its previous close on Monday to 80.94, below 81-mark for the first time since December 1 amid fall in the value of greenback against a basket of six peers. Crude oil benchmarks traded lower. On Friday, the currency ended 24 paise higher at 81.12 vs dollar.

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The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was trading 0.4 percent lower at 101.4.
Crude oil prices edged lower on Monday thinned by the Lunar New Year holiday in east Asia. The benchmarks, however, held on to most of last week's gains on the prospect of an economic recovery in China this year. Brent crude futures were trading 0.6 percent lower at $87.2 per barrel at the last count. WTI futures, too, were trading 0.5 percent lower at $81.3 per barrel at the last count.
"The focus will be on India's first-ever sovereign green bond issue. The RBI will auction Rs 40 billion each of five and 10-year green bonds on Wednesday. Overall, the appreciation could continue towards 80.80 to 80.50, but RBI’s stance at that time will be watchful. On the higher side, 81.50 to 81.80 will act as a strong resistance," said Amit Pabari of CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 ended higher on the first trading day of the week led by gains in IT and financial shares.
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