Rupee slips 2 paise to end at 82.04 against U.S. dollar on firm crude oil prices

The rupee slipped 2 paise to settle at 82.04 (provisional) against the U.S. currency on Wednesday amid firm oil prices in the international market and a rebound in the greenback.

However, fresh foreign portfolio investments into equities and a record-breaking rally in domestic equities restricted the rupee’s decline, analysts said.

At the interbank foreign exchange market, the rupee opened strong at 82.00 and later moved to a high of 81.97 in early trade. The rupee failed to hold onto the gains and later, declined to a day’s low of 82.06 per dollar as the U.S. currency rebounded from overnight losses.

The local currency settled at 82.04 (provisional), showing a loss of 2 paise over the last close. The rupee closed at 82.02 on Tuesday.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.12% to 102.62.

Global crude oil benchmark Brent crude was trading 0.69% higher $72.76 per barrel.

In the domestic equity market, the 30-share BSE Sensex hit the record 64,000 mark, and the Nifty scaled the 19,000 peak in intra-day trade amid a rally in the U.S. and European markets and fresh foreign fund inflows.

Sensex closed at a lifetime high of 63,915.42, up by 499.39 points or 0.79%. NSE Nifty also closed at a record high of 18,972.10, up by 154.70 points or 0.82%.

Foreign Portfolio Investors emerged as net buyers in the capital market on Tuesday as they bought shares worth ₹2,024.05 crore, according to exchange data.