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The local currency opened lower and hit an intraday low of Rs. 83.18 per dollar in the early trade. Traders now eye U.S. consumer inflation data due to be released on Thursday (Photo: Pexels)
The rupee breached the crucial 83-mark on Wednesday to settle at 83.04 against the US dollar on the back of robust foreign inflows.
The Indian currency appreciated to 82.97 against the greenback during the day. It, however, gave up some of its gains by the end of the trade as state-owned banks bought dollars on behalf of the Reserve Bank of India.
The last time the local unit traded below the 83 mark against the US dollar was on December 18 last year, when it hit 82.19 during intraday deals.
“The rupee breached 83 per dollar after the RBI left buying and allowed it to appreciate as inflows from FPIs dominated the scene with money coming in for debt and equity. After making a low of 83.18, the rupee appreciated to 82.97 as flows continued,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
Traders are now eyeing the US consumer inflation data due to be released on Thursday.
First Published: Jan 10 2024 | 9:12 PM IST
