Rupee falls 7 paise to settle at 83.39 against US dollar

November 30, 2023 19:56

The rupee on Thursday snapped a two-day rising streak to settle 6 paise lower at 83.39 (provisional) against the US dollar amid strengthening American currency overseas and rising crude oil prices.

Forex analysts said the rupee remained under pressure as crude prices were close to $84 per barrel ahead of the announcement of the annual production target by oil producer grouping OPEC+.

Investors were also awaiting domestic GDP data to be released later in the day, while the recovery in the dollar attributed to rising expectations that the US Federal Reserve will not raise interest rate, they added.

At the interbank foreign exchange, the rupee opened at 83.31 against the dollar and traded between the peak of 83.29 and the lowest level of 83.41 intra-day.

It finally settled at 83.39 (provisional) against the greenback, registering a loss of 7 paise over its previous close.

The rupee rose 2 paise to close at 83.32 against the US dollar on Wednesday, following a gain of 6 paise on Tuesday. -- PTI

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