The Indian rupee ended 10 paise lower against the US dollar on Thursday weighed down by dollar demand from local oil companies, while traders awaited GDP and labour market data from the United States. The local currency ended at 83.27 a dollar, down 0.13% from its previous close at 83.17.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% lower at 102.36.
On Wednesday, the rupee settled at 83.17 against the dollar.
“Momentary dips have become characteristic of the dollar-rupee pair,” said Abhilash Koikkara, head of forex and rates at Nuvama Professional Clients Group.
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Koikkara added that he expects the rupee to continue hovering between 83 and 83.40 for the rest of the month.
Investors now await key US economic data due later on Thursday.
Global oil price benchmark Brent crude rose 0.18% to $79.84 per barrel.
The domestic equity market ended higher on Thursday amid across-the-board buying as investors remained upbeat on India’s growth prospects.
The Sensex ended 358.79 points, or 0.51%, higher at 70,865.10, while the Nifty 50 gained 104.90 points, or 0.50%, to settle at 21,255.05.
On Wednesday, the Foreign institutional investors (FIIs) net sold Indian shares worth ₹1,322.08 crore, while Domestic Institutional Investors (DIIs) net purchased shares to the tune of ₹4,754.34 crore, as per provisional data available on the exchanges.
(With inputs from Reuters)
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