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Elevated Crude Oil Prices, Muted Local Equities Add Pressure On INR

Published on Jul 02, 2024 17:27

The Indian rupee depreciated 6 paise to settle at 83.50 (provisional) against the US dollar on Tuesday, weighed down by a strong greenback in the overseas market and elevated global crude oil prices. Moreover, a muted trend in domestic equities and foreign fund outflows dented investor sentiments. Indian shares ended a choppy session marginally lower on Tuesday as a stronger dollar and rising Treasury yields in international markets weighed on investors` appetite for risk. The benchmark S&P/BSE Sensex swung between gains and losses before ending the session down 34.74 points at 79,441.45. The broader NSE Nifty index also fluctuated before settling at 24,123.85, down 18.10 points from its previous close. At the interbank foreign exchange market, the local unit opened at 83.51 and hit the intraday high of 83.47 and a low of 83.56 against the American currency during the session.

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