Indian Rupee Slips Slightly Amid Crude Oil Prices and Equities

Indian Rupee Slips Slightly Amid Crude Oil Prices and Equities

VoM News Desk | October 13, 2023 | 04:42 PM IST | Breaking News | Follow on Google News

Indian Rupee Slips Slightly Amid Crude Oil Prices and Equities

Indian Rupee Slips Slightly Amid Crude Oil Prices and Equities

The Indian rupee closed 2 paise lower against the US dollar on Friday, finishing at 83.26 compared to the previous close of 83.24. This minor decline was influenced by rising crude oil prices on the global stage and a downtrend in the domestic equities market.

The dollar index, which assesses the strength of the US dollar against a basket of six major currencies, was down by 0.07%, trading at 106.52.

For the week, the rupee posted a 0.1% loss, marking its third consecutive week of decline. Despite positive macroeconomic data, the local currency continued to face pressure due to the elevated level of the US dollar and a sustained withdrawal of foreign funds. The dollar index remained above 106, primarily due to higher-than-expected US inflation data, which has raised expectations of further interest rate hikes by the US Federal Reserve.

India’s merchandise trade deficit for September was lower than anticipated, standing at $19.37 billion compared to expectations of $23.25 billion. Additionally, domestic retail inflation eased to a three-month low of 5% in September, while factory output in August surged to a 14-month high of 10.4%.

On the global front, Brent crude futures, the benchmark for global oil prices, experienced a notable 3.77% increase, reaching $89.24 per barrel.

In terms of domestic equity markets, the BSE Sensex closed 125.65 points (0.19%) lower at 66,282.74, while the NSE Nifty declined by 42.95 points (0.22%) to 19,751.05.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday, offloading shares worth ₹1,862.57 crore, according to exchange data.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.