Rupee edges lower to close at 83.34 against dollar

Currency market update: The rupee (INR) finished a sluggish session negligibly weaker at 83.34 against the US dollar (USD) on Thursday, November 23. The domestic currency declined by two paise for the day from its previous close after moving within a tight range throughout the session amid persistent FII outflows and a sluggish day on Dalal Street.

At the interbank foreign exchange market, the rupee began the day at 83.30 against the US dollar, and rose to as high as 83.29 during the session before settling at 83.34 for the day.

A continuous slide in global crude oil rates, following a four per cent fall the previous day, lent support to the rupee and kept the downside in check.

The dollar index—which measures the value of the American currency against six peers other than the rupee—was last seen trading 0.1 per cent 103.8 after recovering mildly overnight in light of data that showed that jobless claims in the US fell more than expected. It was trading 0.3 per cent down.

Brent crude futures were down 1.5 per cent at $80.77 per barrel at the last count.

Meanwhile, domestic equity benchmarks Nifty50 and Sensex finished yet another volatile session on a flat note. The Sensex slipped by 5.4 points to close at 66,017.8 while the Nifty50 declined 9.9 points to settle at 19,802.

IPO-related inflows and lower crude oil prices offered the domestic currency some support on November 23. IPOs worth an estimated $900 million are lined up on Dalal Street this week.

On account of the Thanksgiving holiday, the financial markets in Japan and the US are shut on Thursday.

With inputs from agencies 

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