In the morning session on Tuesday, the Indian rupee witnessed a decline of 11 paise against the US dollar, settling at 83.32 (23.14 against the UAE dirham). This setback was influenced by a negative trend in domestic equities and the prevailing strength of the American currency in the global market. Here’s a breakdown of the factors contributing to the rupee’s morning performance:
Market Dynamics
Forex traders pointed to foreign fund outflows and increased demand for the dollar from importers as key factors impacting investor sentiments.
Interbank Movement: Indian Rupee
Initiating the day at 83.28 against the dollar at the interbank foreign exchange, the rupee experienced a dip to 83.32, marking a notable decline of 11 paise from its previous close.
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