The rupee declined sharply by 15 paise to close at 84.44 (provisional) against the US dollar on Wednesday amid uncertainties surrounding US President-elect Donald Trump\u2019s trade policies and an increase in crude oil prices. <\/p>\n\n\n\n
However, a strong show at the domestic equity markets, FII inflows along with a weakening dollar against major currencies supported the local unit at lower level, according to forex traders.<\/p>\n\n\n\n
At the interbank currency exchange, the rupee opened at 84.38, lower by 9 paise from its previous close, but declined to an intra-day low of 84.48 during the session. It settled at 84.44 (provisional), 15 paise lower than Tuesday\u2019s close of 84.29. According to analysts, US President-elect Donald Trump\u2019s indication of adopting aggressive trade policies added to the volatility in the currency.<\/p>\n\n\n\n
\u201cRupee lost all its sheen it had gained on Wednesday and fell to 84.48 before recovering as RBI sold dollars\u2026 but dollars were bought again on account of month-end demand and it (rupee) closed lower,\u201d Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.<\/p>\n\n\n\n
It is expected to be in the range of 84.30 to 84.55 on Thursday, he added. Meanwhile, the dollar index, which gauges the greenback\u2019s strength against a basket of six currencies, was trading lower by 0.46 per cent at 106.51.<\/p>\n\n\n\n
Brent crude, the global oil benchmark, rose 0.55 per cent to USD 73.21 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex climbed 230.02 points to settle at 80,234.08, while Nifty also rose 80.40 points to end the day at 24,274.90.<\/p>\n\n\n\n
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, purchasing shares worth Rs 1,157.70 crore, according to exchange data.<\/p>\n","protected":false},"excerpt":{"rendered":"
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