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Rupee falls to 81.72 versus US dollar

Rupee falls to 81.72 versus US dollar

Rupee falls to 81.72 versus US dollar
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By Asmita Pant  Jan 24, 2023 4:24:40 PM IST (Updated)

Rupee fell by 33 paise vs dollar on Tuesday amid rise in crude oil benchmarks. US dollar index eased, yielding support to the currency.

Rupee fell by 33 paise from its previous close on Tuesday to end at 81.72 vs the US dollar. Earlier in the session, the currency opened 11 paise lower at 81.50 amid rise in crude oil benchmarks. US dollar index eased, yielding support to the currency. 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 0.2 percent lower at 101.7.

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Crude oil prices edged higher on Tuesday as prospects of demand recovery in China triggered movement. The oil prices hit a seven-week high in previous session. Brent crude futures were trading flat at $88.2 per barrel at the last count. WTI futures, too, were trading 0.1 percent higher at $81.7 per barrel at the last count.
"After strengthening to a two-month high and breaching the psychologically 81 mark, the rupee eroded its gains to end weaker and moved one-way move from 80.90 to 81.50. The Asian giant Chinese Yuan, which is currently holidaying, a weaker close of around 6.78 from 6.69 a week before, also kept the rupee under pressure. Further, persistent FII outflows have already taken away nearly $ 2 billion so far this month ahead of crucial domestic budget and major central banks meetings beginning next month," said Amit Pabari of CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 ended flat on Tuesday.
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