Indian rupee depreciates 4 paise against US dollar in early trade

The currency resisted major fall amid the unabated inflow of foreign capital

Published: Thu 20 Jun 2024, 10:23 AM

By
Web Desk

During early trade on Thursday morning, the Indian rupee fell 4 paise to 83.48 (Dh22.74) against the US dollar due to firm American currency and an upward trend in crude oil prices overseas.

The currency resisted the fall amid the unabated inflow of foreign capital but gave in to the pressure due to a muted trend in the domestic equity markets, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.43 and lost further to 83.48 against the greenback, registering a fall of 4 paise from its previous close.

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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.02 per cent at 104.90. Brent crude futures, the global oil benchmark, advanced 0.02 per cent to $85.09 per barrel.

Asian stocks took a breather on Thursday, hovering near their highest in two years as traders waited for more U.S. policy clues, while sterling was steady before a Bank of England meeting where rates are expected to remain unchanged.

Apart from the BoE, investors will also watch for central bank decisions from Switzerland and Norway on Thursday to set the tone for a global rates outlook.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed at 572.42, just below the two-year high of 573.38 it touched on Wednesday boosted by tech stocks. The index is on course for a 4% rise in June.

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