India News | Rupee Slips 4 Paise to 83.23 Against US Dollar in Early Trade

Mumbai, Dec 27 (PTI) The rupee fell 4 paise to 83.23 against the US dollar in early trade on Wednesday, amid sustained outflow of foreign funds and a stronger American currency against major overseas rivals.

Forex traders said positive domestic equity market failed to boost sentiment as investors remained concerned over volatile crude oil prices fearing disruption in global trade through the Red Sea route.

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At the interbank foreign exchange, the domestic currency opened at 83.21 and slipped further to 83.23 against the greenback, registering a loss of 4 paise from its previous close.

On Tuesday, the domestic currency settled at 83.19 against the dollar.

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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent higher at 101.17 on Wednesday.

Global oil price benchmark Brent crude slipped 0.10 per cent to USD 80.99 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 270.57 points or 0.38 per cent higher at 71,607.37. The broader NSE Nifty rose 79.50 points or 0.37 per cent to 21,520.85.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 95.20 crore on Tuesday, according to exchange data.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)