Rupee fell 31 paise from its previous close at 82.17 vs the US dollar on Thursday. Earlier in the session, the currency opened nine paise higher amid fall in the value of greenback against a basket of six peers. Global crude oil benchmarks jumped higher on Thursday following Fed's slowing of rate hike.
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was fell to below 101-mark. At the last count, it was trading 0.3 percent lower at 100.7, not far from nine-months low of 101.03.
Crude oil prices moved higher on Thursday, rebounding after falling in the previous session. Brent crude futures were trading 0.9 percent higher at $83.6 per barrel at the last count. WTI futures, too, were trading over one percent higher at $77.2 per barrel at the last count.
The Federal Reserve on Wednesday, raised its target interest rate by 25 basis points adding that the "inflation has eased somewhat but remains elevated".
"Outflows by FII and a sudden stop in FDI flows are negative for Rupee. Whereas, the weakness in USD to a multi-month low & stronger domestic fundamentals are positive for Rupee. Broadly, the pair can be seen trading in a wide range of 81.50 to 81.90 today. Either side breakout will result in a 20-40 paise move," said Amit Pabari of CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 oscillated between the green and the red amid choppy trade on Thursday.
First Published: Feb 2, 2023 10:44 AM IST
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