Rupee depreciates 26 paise to 83.40 against US dollar in early trade

Mumbai. The rupee fell by 26 paise to 83.40 against the US dollar in early trade on Tuesday amid mixed trends in the Lok Sabha election counting. Forex traders said a weak trend in the domestic equity markets also impacted the rupee sentiment in early trade. According to television channel reports on Tuesday’s ongoing counting of votes for the Lok Sabha elections, the Bharatiya Janata Party (BJP) led NDA was leading in more than 200 of the 350 parliamentary constituencies, while the opposition alliance ‘Indian National Developmental Inclusive Alliance’ (India) was ahead in 120 seats.

The rupee opened at 83.25 per dollar at the interbank foreign exchange market. After initial deals, it reached 83.40 per dollar, showing a decline of 26 paise against the previous close. The rupee had closed at 83.14 against the US dollar on Monday. Meanwhile, the dollar index, which tests the strength of the US dollar against a basket of six major currencies, was down 0.05 percent at 104.02. Global oil benchmark Brent crude futures were trading 0.61 percent lower at $ 77.88 per barrel.

The 30-share BSE index Sensex fell 1,715.78 points to 74,753 points in early trade. At the same time, the NSE Nifty slipped 539.1 points to 22,724.80 points. After initial deals, the Sensex fell 2,623.91 points to 73,844.36 points and the Nifty fell 617.45 points to 22,646.45 points. According to stock market data, foreign institutional investors (FIIs) remained bullish in the capital market on Monday and bought shares worth a net Rs 6,850.76 crore.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.

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