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Business News/ Markets / Stock Markets/  Rupee ends little changed at 83.33 against the US dollar
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Rupee ends little changed at 83.33 against the US dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.09% at 105.77. The benchmark US 10-year treasury yields were hovering around a one-week high of 4.668%.

Rupee ended 1 paise higher at 83.33 a dollar as compared to previous close of 83.34Premium
Rupee ended 1 paise higher at 83.33 a dollar as compared to previous close of 83.34

The Indian rupee ended little changed against the US dollar on Monday amid softness in American currency and a drop in crude oil prices. The local unit ended 1 paise higher at 83.33 a dollar as compared to previous close of 83.34.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.09% at 105.77. The benchmark US 10-year treasury yields were hovering around a one-week high of 4.668%.

However, a fall in domestic equity market and persistent foreign fund outflows weighed on the local unit.

On Friday, the rupee ended at a record low at 83.34 a dollar. The local unit had hit its lifetime low of 83.42 to the dollar during the session.

“India's manufacturing and production data released Friday were short of forecasts. Inflation data will be released later in the day," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

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Singh further said that currency markets are range-bound ahead of crucial US CPI data to be released on Tuesday. “The USD-INR pair is still pretty range-bound. The pair is expected to trade between 83 and 83.70 with a slight positive bias," he noted.

Meanwhile, crude oil prices eased amid renewed concerns over waning demand in the United States and China.

Brent crude futures for January fell 0.21% to $81.26 a barrel, while the US West Texas Intermediate (WTI) crude futures for December declined 0.17% to $77.04.

On the domestic front, the benchmark equity indices traded half a percent lower on Monday amid mixed global cues. 

The Sensex closed 325.58 points, or 0.50%, lower at 64,933.87, while the Nifty 50 declined 82.00 points, or 0.42%, to settle at 19,443.55.

India’s forex reserves jumped by $4.672 billion to $590.783 for the week ended November 3, the Reserve Bank said on Friday.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth 190.06 crore, according to exchange data.

(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: 13 Nov 2023, 10:45 AM IST
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