The Rupee depreciated six paise to 83.39 against the U.S. dollar in early trade on April 25, tracking a negative trend in domestic equities and elevated crude oil prices. Forex traders said the Rupee is expected to trade with a slight negative bias on sustained foreign fund outflows.
At the interbank foreign exchange, the Rupee opened at 83.34 against the dollar and touched an early low of 83.39 against the greenback, registering a decline of six paise over its previous close.
On April 24, the Rupee consolidated in a narrow range and settled two paise lower at 83.33 against the U.S. dollar.
Forex traders said the Rupee moved in a range-bound manner on Wednesday and is expected to be in a small range on Thursday also, as markets await U.S. GDP, U.S. Personal Consumption Expenditure (PCE) Prices Index and Bank of Japan meeting outcome.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.78, lower 0.07%. Brent crude futures, the global oil benchmark, rose 0.11% to $88.12 per barrel.
On the domestic equity market front, Sensex declined 12.44 points, or 0.02% to 73,840.50. The Nifty fell 11.75 points or 0.05% to 22,390.65.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth ₹2,511.74 crore, according to exchange data.
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