Rupee loses 6 paise to trade at 83.06 against US dollar

[ad_1]

The rupee depreciated six paise to a record low of 83.06 against the US dollar in opening trade on Thursday due to a stronger greenback overseas and unrelenting foreign fund outflows.

Besides, a sell-off in domestic equities and risk-averse sentiments weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.05 against the dollar, then slipped further to quote 83.06, a fall of 6 paise over its previous close. The local currency also hit a high of 83.07 in early deals.

UltraTech Cement quarterly results: What should investors do

While demand prospects are good, overhang of cost pressures and concerns on spill over effects of global slowdown on Indian economy will remain headwinds for the company

In the previous session on Wednesday, the rupee plunged 60 paise to end at 83 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 113.06.

Brent crude futures, the global oil benchmark, slipped 0.17 per cent to $92.25 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 140.09 points or 0.24 per cent lower at 58,967.10. Similarly, the broader NSE Nifty fell 43.95 points or 0.25 per cent to 17,468.30.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth ₹453.91 crore on Wednesday, according to exchange data.