Rupee falls 4 paise to close at 82.64 against U.S. dollar

The currency finally settled at 82.64 (provisional) against the U.S. dollar, registering a fall of 4 paise over its previous close. Image for representation purpose only.
| Photo Credit: Reuters

The rupee depreciated 4 paise to close at 82.64 (provisional) against the U.S. dollar on May 29, tracking a strong American currency against major rivals overseas.

However, a firm trend in domestic equities, foreign capital inflows and lower crude prices restricted the fall in the domestic unit, forex traders said.

Meanwhile, the dollar strengthened as investors were upbeat on the tentative agreement between U.S. President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is likely to face voting on Wednesday before getting sealed.

At the interbank foreign exchange market, the local unit opened strong at 82.57 against the U.S. dollar. During intra-day, the Indian currency touched the peak of 82.51 and the lowest level of 82.67.

The currency finally settled at 82.64 (provisional) against the U.S. dollar, registering a fall of 4 paise over its previous close.

On Friday, the rupee closed at 82.60 against the U.S. currency.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02% to 104.23.

Global oil benchmark Brent crude futures declined 0.40% to $76.64 per barrel.

On the domestic equity market front, the 30-share BSE Sensex advanced 344.69 points or 0.55% to close at 62,846.38 points, and the broader NSE Nifty rose 99.30 points or 0.54% to 18,598.65 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth ₹350.15 crore, according to exchange data.