Rupee falls 2 paise to all-time low of 83.36 against US dollar in early trade

The rupee depreciated 2 paise and fell to its all-time low of 83.36 against the US dollar in the morning session on Friday, November 24, 2023, tracking a negative trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 83.33 against the dollar. It touched a low of 83.36 in initial deals, registering a fall of 2 paise over its previous close.

On Thursday, the rupee settled at 83.34 against the American currency.

Asian shares were dragged lower by China on Friday amidst little guidance from Wall Street which was closed for the Thanksgiving holiday, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

“Rupee opened flat as the market continues to grapple with US dollar buyers on one side and the Reserve Bank of India sitting on other side. Trading will be also range-bound and with lower volumes as cash inflows would be absent due to Thanksgiving holiday on Thursday,” Bhansali added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.12 per cent at 103.79.

Global oil benchmark Brent crude futures declined 0.06 per cent to USD 81.37 per barrel.

On the domestic equity market front, the BSE Sensex was trading 40.84 points or 0.06 per cent lower at 65,976.97, while the broader NSE Nifty fell 2.75 points or 0.01 per cent to 19,799.25.

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth ₹255.53 crore, according to exchange data.