Rupee Appreciates by 18 Paise; Closes at 82.82 Against US dollar

MUMBAI: The Indian Rupee recovered from its all-time low level settling at 82.82 provisionally against the US Dollar on the 3rd day of trading in the year 2023.

According to experts, the weakness of the greenback in the overseas market, strong Asian peers, and suspected intervention by the Reserve Bank of India (RBI) also helped the currency reverse the losses.

At the interbank forex exchange, the Rupee opened at 82.87 and touched an intraday high of 82.74 and a low of 82.91 against the Dollar. Settling at 82.82 it registered a rise of 18 paise.

The domestic unit in the previous session slumped by 22 paise closing at 83 -it’s all-time low. The Dollar index which gauges the strength of the Dollar against a basket of six currencies declined 0.52 per cent to 103.97.

Global crude oil benchmark Brent futures fell 2.13 percent to $80.35 per barrel. The Union govt a day ago raised the windfall profit tax levied on domestically produced crude oil and on the export of diesel and ATF, in line with firming international oil prices, according to an official order.

Tax rates on the export of diesel were revised to Rs 6.5 per litre, from Rs 5, and the same on overseas shipments of ATF to Rs 4.5 a litre, from Rs 1.5 a litre.

Gold meanwhile, rose by Rs 378 to Rs 56,130 per 10 grams. Silver, however, declined by Rs 147 to Rs 70,675 per kilogram.

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