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Business News/ Markets / Commodities/  Rupee falls 16 paise to close at 82.83 against US dollar
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Rupee falls 16 paise to close at 82.83 against US dollar

Rupee touched its lowest since February 27 at 82.85, early in the session, amid a spike in the greenback as investors looked for developments on the US debt ceiling and the trajectory of rate hikes in the US.

Last week, the rupee fell 0.6% to 82.66 per dollar on the back of a rise in the dollar index and Treasury yields. (AFP)Premium
Last week, the rupee fell 0.6% to 82.66 per dollar on the back of a rise in the dollar index and Treasury yields. (AFP)

The Indian rupee fell 16 paise against the US dollar on Monday, hitting a 13-week low, weighed down by broad strength in the dollar. The local currency closed at 82.83 per dollar against previous close of 82.66. 

Rupee touched its lowest since February 27 at 82.85, early in the session, amid a spike in the greenback as investors looked for developments on the US debt ceiling and the trajectory of rate hikes in the US.

The US dollar index gained nearly 2% over the last two weeks on better-than-expected US economic data and hopes of a breakthrough in US debt ceiling talks.

Crude oil prices remained steady amid cautiousness relating to US debt ceiling talks. 

Brent crude futures rose or 0.2%, to $75.71 a barrel, while US West Texas Intermediate (WTI) crude for July delivery gained 0.20%, to $71.81.

On the domestic front, the Indian equity markets led by a rally in metal and IT stocks. The Sensex gained 234.00 points, or 0.38%, to close at 61,963.68, while the Nifty ended at 18,314.40, 111.00 points, or 0.61%, higher.

Meanwhile, the Reserve Bank of India (RBI) on Friday announced to withdraw 2,000 denomination currency notes from circulation, although they will remain legal tender.

On Friday, the foreign institutional investors (FII) net sold Indian shares worth 113.46 crore, while the domestic institutional investors (DII) net bough shares worth 1,071.35 crore, as per the data on exchanges.

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Published: 22 May 2023, 09:05 AM IST
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