Rupee ends 9 paise lower at 83.23 a dollar amid recovery in US Treasury yields | Mint
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Business News/ Markets / Stock Markets/  Rupee ends 9 paise lower at 83.23 a dollar amid recovery in US Treasury yields
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Rupee ends 9 paise lower at 83.23 a dollar amid recovery in US Treasury yields

The dollar index, which gauges the greenback's strength against a basket of six currencies, was marginally higher by 0.10% at 104.35. The 10-year US Treasury yield last quoted at 4.50%.

Rupee opened 4 paise lower at 83.18 a dollar as compared to previous close of 83.14. (Image: AFP)Premium
Rupee opened 4 paise lower at 83.18 a dollar as compared to previous close of 83.14. (Image: AFP)

The Indian rupee ended 9 paise lower against the US dollar on Thursday dragged by a recovery in US Treasury yields and a firm American currency. The local unit ended 9 paise lower at 83.23 a dollar as compared to previous close of 83.14.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was marginally higher by 0.10% at 104.35. The 10-year US Treasury yield last quoted at 4.50%.

On Wednesday, the rupee logged its best single-day performance in nearly two months and ended 19 paise higher at 83.14 a dollar.

Meanwhile, gains in domestic equities and drop in crude oil prices helped restrict losses in the rupee.

“The rupee faced weakness as the dollar index rebounded from 103.90 to 104.30," Jateen Trivedi, VP Research Analyst at LKP Securities, said.

“The (US) retail sales data, which came in line with minor weakness, sent positive signals regarding the prospects of a US rate hike as Fed (Federal Reserve) has key data in support to not hike further," he added.

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Crude oil prices traded lower amid signs of higher supply from the US and lackluster energy demand from Asia.

Brent futures fell 0.18% to $81.03 a barrel, while US West Texas Intermediate crude (WTI) lost 0.25% to $76.47 a barrel.

On the domestic front, the benchmark equity indices ended higher for the second consecutive session on Thursday amid mixed global cues.

The Sensex surged by 306.55 points, or 0.47%, to close at 65,982.48, while the Nifty 50 ended 89.75 points, or 0.46%, higher at 19,765.20.

According to exchange data, foreign institutional investors (FIIs) emerged as net buyers in the capital market on Wednesday as they bought shares worth 550.19 crore.

(With inputs from PTI)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 16 Nov 2023, 12:12 PM IST
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