Rupee fell by 8 paise as crude oil prices and the dollar strengthened on international markets.

Due to a recovery in the price of crude oil and the dollar on international markets, the rupee fell 8 paise to end the day at 82.71 (provisional) against the US dollar on Tuesday.

According to FX dealers, foreign fund withdrawals from the equity markets also affected the outlook for the rupee. In the face of overnight losses for the US dollar versus significant international competitors, the domestic currency opened stronger at 82.58 on the interbank foreign exchange.

Rupee sentiment was negatively impacted by the day’s recovery in crude oil prices and volatile equity markets, which brought the currency to a day low of 82.73. In relation to the US dollar, the rupee decreased by 8 paisas to settle at 82.71. The rupee increased by 1 paisa on Monday, ending the day at 82.63.

The dollar index, which measures the value of the dollar against a basket of six different currencies, was trading 0.1% higher at 104.07. The benchmark for world oil, Brent crude futures, up 0.60 percent to USD 84.93 a barrel.

The BSE Sensex increased by 79.22 points to conclude at 65,075.82 on the local equities market, while the larger Nifty increased by 36.60 points to close at 19,342.65. According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs. 1,393.25 crore on Monday, making them net sellers in the capital markets.

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