Rupee edges lower to 81.98 against US dollar

The rupee depreciated 3 paise to 82.05 against the US dollar in early trade on Wednesday (May 10, 2023). On Tuesday (May 9, 2023), the rupee settled at 82.05, down 27 paise against the dollar.

The dollar index — which gauges the dollar against six currencies other than the rupee — was last seen trading 0.04 per cent lower at 101.36. The index compares the dollar to the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro.

Meanwhile, Brent crude futures, the benchmark for crude oil, decreased by 0.65 per cent to $76.94 a barrel. 

In the domestic equity market, the 30-share BSE Sensex was trading 146.50 points or 0.23 per cent lower at 61,616.64 while the broader NSE Nifty was 44.70 points or 0.23 per cent down at 18,223.25 at 10.13 AM IST on Wednesday.

"Upside momentum kicked in yesterday, on anticipated line, exceeding our second target of 82.07. The steepness of the rise warns of a pull back, but if 81.97 holds, expect upsides to challenge 82.2, a critical resistance. Alternatively, slippage past 81.97 will call for sideways trades with negative bias," commented Anand James, chief market strategist at Geojit Financial Services.