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Rupee slips to 82.78 against dollar

Rupee slips to 82.78 against dollar

Rupee slips to 82.78 against dollar
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By Asmita Pant  Oct 31, 2022 4:00:34 PM IST (Updated)

Indian Rupee vs Dollar: The domestic currency ended lower at 82.78 vs dollar after rising ten paise from its previous close earlier in the trade on Monday amid fall in global crude oil benchmarks and no major movement in the value of greenback against a basket of six other peers.

Rupee ended lower at 82.78 vs dollar after slipping 30 paise from its opening to 82.71 in the late hours on Monday. The currency started the session 10 paise higher at 82.37 against US dollar on supported by easing crude oil prices. However, sustained strength in the greenback against six other peers capped the gains in the rupee.

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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 — remained largely unchanged, quoting at 110.6 at the last count.
Crude oil prices fell on Monday as tightening COVID curbs in China triggered demand worries. Brent crude futures were down 0.7 percent at $93.1 per barrel at the last count. WTI futures were down 0.5 percent at $87.4 per barrel.
"The USD-INR (pair) is likely to trade in a narrow range of 82.1 to 82.5. Broadly, 81.8-82 seems a strong support zone for the pair. As long as it trades above this convincingly, one can expect a U-turn towards 82.8 to 83 levels," said Amit Pabari, Managing Director at CR Forex Advisory.
Indian equity benchmarks BSE Sensex and NSE Nifty50 held on to initial gains after a gap-up start on Monday. Gains in financial and IT stock led the headline indices higher. 
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