Mumbai: The Rupee The US dollar declined 7 paise to settle at 82.11 against the US dollar in early trade on Wednesday, weighed down by firmness in crude oil prices and a negative trend in domestic equities.
Forex traders said outflow of foreign funds and strengthening of the American currency in the overseas market weighed on investor sentiment.
At the interbank foreign exchange, the domestic unit opened weak at 82.10 against the dollar, then settled at 82.11, registering a decline of 7 paise over its previous close.
On Tuesday, the rupee had closed at 82.04 against the dollar.
dollar indexThe greenback, which gauges the strength of the greenback against a basket of six currencies, rose 0.04 percent to 101.78.
Brent Crude Futures, Global oil benchmarkfell 0.18 percent to $ 84.62 per barrel.
MD-Amit Pabri of CR Forex Advisors said that the USD/INR pair is above 82.00 mark and waiting for fresh triggers to move above 82.20 level.
Pabri further said that mounting deficit, rising oil prices and narrowing interest rate differential between the US and India have set a stage for a fresh round of outflows from the Indian bond market.
In the domestic equity market, BSE with 30 stocks Sensex Trading was down 71.9 points, or 0.12 percent, at 59,655.11. The broader NSE Nifty fell 15.70 points, or 0.09 per cent, to 17,644.45.
Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday, selling shares worth Rs 810.60 crore, according to exchange data.
Forex traders said outflow of foreign funds and strengthening of the American currency in the overseas market weighed on investor sentiment.
At the interbank foreign exchange, the domestic unit opened weak at 82.10 against the dollar, then settled at 82.11, registering a decline of 7 paise over its previous close.
On Tuesday, the rupee had closed at 82.04 against the dollar.
dollar indexThe greenback, which gauges the strength of the greenback against a basket of six currencies, rose 0.04 percent to 101.78.
Brent Crude Futures, Global oil benchmarkfell 0.18 percent to $ 84.62 per barrel.
MD-Amit Pabri of CR Forex Advisors said that the USD/INR pair is above 82.00 mark and waiting for fresh triggers to move above 82.20 level.
Pabri further said that mounting deficit, rising oil prices and narrowing interest rate differential between the US and India have set a stage for a fresh round of outflows from the Indian bond market.
In the domestic equity market, BSE with 30 stocks Sensex Trading was down 71.9 points, or 0.12 percent, at 59,655.11. The broader NSE Nifty fell 15.70 points, or 0.09 per cent, to 17,644.45.
Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday, selling shares worth Rs 810.60 crore, according to exchange data.