Indian Rupee Declines 16 Paise to 92.01 Against US Dollar Amid Crude Price Rebound

Indian Rupee Falls 16 Paise Against US Dollar

On Wednesday, the Indian Rupee declined 16 paise to settle at 92.01 (provisional) against the US dollar, weighed down by a sharp rise in global crude oil prices and a stronger greenback. The ongoing war in West Asia also contributed to the decline.

Rupee Rate Today At the interbank foreign exchange, the rupee opened at 91.92 against the US dollar and traded in the range of 91.85-92.06 before settling at 92.01 (provisional), down 16 paise from its previous close. This comes after the rupee staged a strong recovery from its record low against the US dollar on Tuesday, gaining 36 paise to settle at 91.85.

Market Analysis The decline in the Indian Rupee is attributed to weak domestic markets and overnight recovery in crude oil prices. Risk-off sentiments in the global markets and FII outflows may continue to weigh on the rupee. Markets will also watch out for geopolitical developments in West Asia. The dollar index was trading 0.14 per cent higher at 98.96, while Brent crude, the global oil benchmark, was trading higher by 5.44 per cent at USD 92.58 per barrel in futures trade.

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Domestic Equity Market On the domestic equity market front, the Sensex tumbled 1,342.27 points to settle at 76,863.71, while the Nifty plummeted 394.75 points to 23,866.85. Foreign institutional investors sold equities worth ₹4,672.64 crore on a net basis on Tuesday, according to exchange data.