Rupee falls 1 paisa to 83.09 against US dollar

Mumbai: The rupee pared its initial gains and depreciated by 1 paisa at an all-time low of 83.09 against the US dollar on Thursday, weighed down by a strong greenback overseas and a negative trend in domestic equities.

Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and rising US dollar.

At the interbank foreign exchange, the domestic unit opened at 83.10 against the dollar, and it finally ended the day at 83.09, registering a fall of 1 paisa from its previous close.

During the session, the local unit touched a peak of 82.99 and a low of 83.16.

On Monday, the rupee depreciated 26 paise to settle at an all-time low of 83.08 against the US dollar. Forex market was closed on Tuesday and Wednesday on account of Independence Day and Parsi New Year, respectively. Meanwhile, the dollar index, which gauges the dollar’s strength against a basket of six currencies, rose 0.05 per cent to 103.48.

“The Indian rupee traded lower in line with the Asian currencies and risk-averse sentiments,” said Dilip Parmar, Research Analyst, HDFC Securities. “We remain bullish on the pair and a crossing of 83.30 will pave the way for 83.50 and 83.70 while expected to hold the support at 82.70,” Parmar added.