The rupee settled 21 paise lower at 83.39 (provisional) against the US dollar on Wednesday, tracking a negative trend in domestic equities and elevated crude oil prices. Forex traders said dollar demand from importers and oil marketing companies (OMCs) also weighed on the rupee. At the interbank foreign exchange market, the local unit opened at 83.22 and finally settled for the day at 83.39 (provisional), down 21 paise from its previous close. On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the US dollar. Risk aversion in global markets and a strong US dollar may further pressurise the rupee," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Source: The Hindu May 30, 2024 00:02 UTC