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Rupee ends lower for 2nd straight day against dollar

26 Sep 2023 Evaluate

Indian rupee extended losses for the second straight day on Tuesday due to rising crude oil prices and a strong American currency against major rivals overseas. Subdued equity markets and withdrawal of foreign funds also weighed on the domestic currency.  According to the provisional data available on the NSE, foreign institutional investors (FII) offloaded shares worth net Rs 2,333.03 crore on September 25, 2023. Traders overlooked the Global Trade Research Initiative’s (GTRI's) statement that steps like streamlining port and customs operations, and setting up of national trade network will help Indian firms integrate with global value chains and add $1.2 trillion in the country’s foreign trade by 2030. On the global front, the dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by US bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone.

Finally, the rupee ended at 83.28 (Provisional), weaker by 15 paise from its previous close of 83.13 on Monday. The currency touched a high and low of 83.28 and 83.17 respectively.

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