The Rupee depreciated four paise to 83.17 against the U.S. dollar in early trade on January 10 amid selling of equities by foreign investors and an upward movement in crude oil prices.
“Subdued sentiment in the domestic equity markets also weighed on the Indian currency,” forex traders said. At the interbank foreign exchange, the domestic currency opened at 83.13 and slipped to 83.17 against the greenback, down four paise from its previous close. The domestic currency settled one paisa higher at 83.13 on January 9.
The range-bound movement in the Indian currency was attributed to investors’ concern over upcoming inflation numbers of India as well as the U.S. to be released this week.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02% lower at 102.26 on January 10. Brent crude futures, the global oil benchmark, rose 0.23% to $77.77 per barrel.
In the domestic equity market, 30-share benchmark Sensex was trading 28.34 points, or 0.04%, lower at 71,357.87. The broader Nifty fell 7.85 points, or 0.04%, to 21,537.
Foreign institutional investors (FIIs) sold shares worth ₹990.90 crore on Tuesday, according to exchange data.
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