Rupee traded flat at 82.82 on Thursday in early trends against a dollar after the previous close of 82.79 amid sharp losses in the domestic equity markets and firm crude oil prices. The US dollar’s weakness against major world currencies and forex inflows aided sentiment, but recession fears following US jobless data weighed on the local currency, PTI reported.
Rupee trade started in a tight range of 82.82 and 82.77. It was trading flat at 82.79 against the US dollar at 9:50 am.
The dollar index, which measures the greenback’s strength against a basket of six currencies, dropped 0.10 per cent to 104.33. Brent crude futures, the global oil benchmark, grew 0.89 per cent to USD 81.70 per barrel anticipating lower Russian crude exports from the Baltic region in December, the report added.
Foreign institutional investors (FIIs) bought shares worth ₹928.63 crore.
Indian stock indices Sensex and Nifty fell nearly 1 per cent in early trade, similar to weak Asian markets. Benchmark BSE Sensex slipped 620.66 points to 60,205.56 while Nifty dipped 158.55 points to 17,968.80.
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When the purchasing power of the rupee falls, the rupee is said to depreciate. This means that in the INR to USD trade, more rupees are required to purchase a dollar.. The exchange rate is determined by a number of factors, including the country’s inflation rate, interest rates, and economic and political situation.