Rupee falls seven paise to settle at 83.39 against dollar

Currency market update: The rupee (INR) snapped a two-day rising streak on Thursday, November 30, and settled at 83.39 (provisional) against the US dollar. The domestic currency declined seven paise for the day from its previous close after moving within a range of 83.29 - 83.41 throughout the session amid strengthening American currency overseas and rising crude oil prices.

At the interbank foreign exchange, the rupee began the day at 83.31 against the dollar and fell to as low as 83.41 during the session before settling at 83.39 (provisional) against the greenback for the day.

The rupee remained under pressure as crude prices were close to USD 84 per barrel ahead of the announcement of the annual production target by oil producer grouping OPEC+, said PTI citing Forex analysts.

Investors were also awaiting domestic GDP data to be released later in the day, while the recovery in the dollar attributed to rising expectations that the US Federal Reserve will not raise interest rate, they added.

The dollar index—which measures the value of the American currency against six peers other than the rupee—was last seen trading 0.42 per cent higher at 103.20. 

Global oil benchmark Brent crude futures surged 1 per cent to USD 83.93 per barrel at the last count.

Similarly, domestic equity benchmarks Sensex and Nifty50 rose 0.13-0.18 per cent. The Sensex went up 86.53 points for the day to close at 66,988.44 points while the Nifty50 advanced 36.55 points to settle at 20,133.15.

On Wednesday, November 29, the rupee rose 2 paise and settled at 83.32 against the American dollar, following a gain of 6 paise on Tuesday.

According to exchange data, foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs 71.91 crore.

With inputs from the agency