Business

Rupee drops 61 paise to fall below 83 points against dollar for the first time


MUMBAI: rupees fell 61 paise below the 83 mark for the first time against the US dollar on Wednesday amid unabated foreign capital inflows and a strong dollar in overseas markets. Besides, rising crude oil prices in international markets and investors’ risk aversion have weighed on the local currency, traders said.
In the interbank foreign exchange market, the local currency opened strongly at 82.32 but then rose slightly to settle at an all-time low of 83.01 (provisional) against the US currency. US, down 61 steps from the previous closing level.
In the previous session on Tuesday, the rupee fell 10 paise to end at 82.40 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.31% to 112.48.
On the domestic stock market, the 30-share BSE sensex rose 146.59 points or 0.25% to 59,107.19, while the broader NSE Nifty rose 25.30 points or 0.14% to 17,512.25 .
Foreign institutional investors (FII) remained net sellers in capital markets as they sold off shares worth Rs 153.40 crore on Tuesday, according to exchange data.

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