Rupee slips 5 paise to 83.43 against Dollar

Rupee slips 5 paise: Rupee depreciated by 5 paise against the US dollar, reaching 83.43. This decline was attributed to the strength of the US currency abroad and the withdrawal of foreign investments from domestic equity markets.

Forex traders noted, however, that the currency found some support from positive sentiment in the domestic equity markets and falling crude oil prices in international markets.

At the interbank foreign exchange, the rupee commenced at 83.39 against the dollar before sliding further to 83.43, marking a 5-paise loss compared to its previous close of 83.38.

The dollar index, which measures the greenback's strength against a basket of six currencies, saw a slight increase of 0.05 per cent to 105.86. Analysts linked this rise to positive global trends amidst robust growth in the world's largest economy, sparking anticipation of a potential interest rate cut by the US Federal Reserve.

Meanwhile, Brent crude futures, the global oil benchmark, witnessed a 0.92 per cent decline, falling to $88.68 per barrel.

In the domestic stock market, the 30-share BSE Sensex climbed 271.80 points or 0.37 per cent to 74,001.96, while the broader NSE Nifty rose by 72.45 points or 0.32 per cent to 22,492.40.

Foreign institutional investors (FIIs) turned net sellers in the capital markets on Friday, divesting shares worth Rs 3,408.88 crore, according to exchange data.

(with PTI inputs)