Rupee falls 4 paise to 83

Rupee falls 4 paise to 83.32 against US dollar in early trade

The rupee depreciated 4 paise to 83.32 against the US dollar in the morning session on Monday, tracking a negative trend in domestic equities. Persistent foreign fund outflows also weighed on the local unit, forex traders said. At the interbank foreign exchange, the rupee opened at 83.31 against the dollar. It touched a low of 83.32 in initial deals, registering a fall of 4 paise over its previous close.

On Friday, the rupee settled at 83.28 against the American currency. “We expect the RBI to intervene to bring it within the 83.20-83.30 range. We otherwise expect a range-bound session with volumes being low on account of the festive season,” India Forex And Asset Management Pvt Ltd (IFA Global) said in a research note.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 190.06 crore, according to exchange data. India’s forex reserves jumped by USD 4.672 billion to USD 590.783 for the week ended November 3, the Reserve Bank said on Friday. Foreign currency assets, a crucial part of the reserves, rose by USD 4.392 billion, as per the central bank.