Indian Rupee Weakens to 83.23 Against US Dollar Amid Global Market Volatility

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VoM News Desk | October 26, 2023 | 12:36 PM IST | Breaking News | Follow on Google News

Indian Rupee Weakens to 83.23 Against US Dollar Amid Global Market Volatility

Indian Rupee Weakens to 83.23 Against US Dollar Amid Global Market Volatility

The Rupee’s Slide: On Thursday, the Indian rupee faced a downward trend, trading 5 paise lower at 83.23 against the US dollar. This decline was attributed to the strength of the American currency and negative sentiments prevailing in the equity markets. The rupee opened at 83.19 a dollar, a 1 paise drop from the previous close of 83.18.

Dollar Strength and Global Factors

The dollar index, which measures the US dollar’s strength against a basket of six major currencies, showed a 0.20% increase, reaching 106.75 on Thursday. This strength in the dollar was partly due to a notable rise in US Treasury yields following positive data on home sales in the United States.

External Pressures on the Rupee

Forex traders pointed out that the Indian rupee was under pressure from the significant foreign selling of equities. This selling activity coincided with crude oil prices remaining close to $90 a barrel, fueled by geopolitical tensions in the Middle East.

Global Oil and Equity Market Trends

The global benchmark for oil prices, Brent crude, experienced a 0.82% decline, reaching $89.39 per barrel. On the domestic front, the Indian stock market continued its losing streak for the sixth consecutive session. The Sensex dropped 808.37 points (1.26%) to 63,240.69, while the broader Nifty 50 saw a decline of 250.10 points (1.31%) to 18,872.05.

Foreign Institutional Investors Activity

Foreign Institutional Investors (FIIs) were actively selling equities, with a total worth of ₹4,236.60 crore sold on Wednesday, according to exchange data.

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