Indian rupee declined 3 paise and closed the trade at 84.32 on Tuesday, as the US dollar got more firm on Donald Trump’s tariff plans and a weak trend in the stock market. The statements from Donald Trump that he would impose additional 10 per cent tariffs on Chinese goods and would impose a 25 per cent levy on imports from Mexico and Canada has affected the risk sentiment.
In the interbank foreign exchange market, the rupee opened at 84.27 against the US dollar. During the day, it reached a high of 84.22 and a low of 84.35. The rupee ended the session at 84.32, which was 3 paise lower than its previous closing value.
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On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar. “Traders look forward to the FOMC minutes of the November 7 meeting to be released later tonight. The USD-INR pair may continue to trade in the 84-84.50 in the short term. Interim support is at 84.11,” said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
The US dollar Index (DXY) was trading higher by 0.06 per cent at 106.87.
Brent crude showed an upward movement by 0.79 per cent to USD 73.59 per barrel in future trade.The strengthening of US dollar and high crude oil prices would most probably give stress to Indian rupee. In the domestic equity market, the 30-share BSE Sensex fell 105.79 points, or 0.13 per cent, to close at 80,004.06 points, while Nifty fell 27.40 points, or 0.11 per cent, to settle at 24,194.50 points.
(With PTI Inputs)
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