Rupee Trades in Narrow Range Against US Dollar

MUMBAI: The Indian Rupee on Thursday depreciated by 40 paise a day after the Union Budget was released.

At the interbank foreign exchange market, the rupee opened at 81.81 against the greenback and touched an intra-day high of 81.71 and a low of 82.20. It finally settled at 82.20 (provisional), down 40 paise over its previous close.

In the previous trade, the rupee appreciated 8 paise to close at 81.80 against the dollar after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.28 per cent to 100.93, after the US Fed hiked the Fed funds rate along expected lines by 25 basis points to 4.50-4.75 per cent. Brent crude futures, the global oil benchmark, advanced 0.77 per cent to USD 83.48 per barrel.

Gold registered an upward trend on Thursday. It rallied Rs 770 to a record high of Rs 58,680 per 10 grams. Silver also zoomed Rs 1,491 to Rs 71,666 per kilogram.

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