Rupee Declines Amid Global Dollar Strength, Market Uncertainty

The Indian rupee ended Monday 10 paise lower at 83.50 against the US dollar due to a strengthening American currency and weak domestic equities. Political stability with Narendra Modi's third-term swearing-in provided some relief. Forex traders pointed to limited rupee movement, despite FPIs buying dollars and RBI interventions.

PTI | Mumbai | Updated: 10-06-2024 21:14 IST | Created: 10-06-2024 21:14 IST
Rupee Declines Amid Global Dollar Strength, Market Uncertainty
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The Indian rupee closed 10 paise lower at INR 83.50 against the US dollar on Monday, reflecting a robust dollar in global markets and sluggish domestic equities.

Political stability offered some respite with Narendra Modi's unprecedented third-term swearing-in as Prime Minister. Forex specialists observed limited rupee fluctuations as FPIs acquired dollars and RBI stepped in to manage rates.

Looking ahead, analysts predict a slightly negative bias for the rupee, influenced by a strong dollar and possible delays in US interest rate cuts. However, falling crude oil prices and political optimism may offer support at lower levels.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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