Rupee declines 11 paise to 83.69 against US dollar during early trade

FIIs turning net sellers put further pressure on the domestic currency against the greenback

Rupee declined 11 paise to 83.69 against the US dollar in early trade on Thursday amid a strengthening dollar against overseas currencies and an increase in crude oil prices.

FIIs turning net sellers on Wednesday put further pressure on the domestic currency against the greenback, according to forex experts.

At the interbank foreign exchange, the local unit opened at 83.66, down 8 paise from its previous close of 83.58 against the American currency. It slipped further to 83.69, 11 paise lower from Wednesday's closing rate.

"The USDINR is expected to find strong support at 83.50, with potential to rebound toward 83.75-83.80, offering another selling opportunity for those who missed out at similar levels before," CR Forex Advisors MD Amit Pabari said.

 

On the domestic equity markets front, the Sensex climbed 146.27 points to reach its all-time high of 85,316.14, while the Nifty, too, scaled to a record high of 26,037.25 points, up 33.10 points.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose marginally by 0.03 per cent to 100.93.

Brent crude, the international benchmark, was also up 0.05 per cent to 73.50 in futures trade.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, offloading shares worth Rs 973.94 crore, according to exchange data.