Rupee falls 5 paise to trade around 83.23 against the US dollar

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.20% higher at 106.75 on Thursday.

On Wednesday, the rupee closed at 83.18 against the US dollar.

Also Read: Nifty 50 plummets 3.7% in October so far, biggest monthly drop since September 2022

Forex traders said the Indian currency was also pressured due to massive selling of equities by foreign investors even as the crude oil prices hovered close to $90 a barrel amid geopolitical tensions in the Middle East.

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Analysts attributed the strengthening dollar to a record rise in the US Treasury yields after positive data on home sales in the US on Wednesday.

Global oil price benchmark Brent crude declined 0.82% to $89.39 per barrel.

On the domestic equity market front, the Indian stock market today extended its losing spree for the sixth straight session. 

Read here: Stock market today: Why Sensex crashed 3,000 points in six days — explained

The Sensex plunged 808.37 points or 1.26% to 63,240.69, while broader Nifty 50 tanked 250.10 points or 1.31% to 18,872.05.

Foreign Institutional Investors sold equities worth ₹4,236.60 crore on Wednesday, according to exchange data.

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(With inputs from PTI)

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Updated: 26 Oct 2023, 12:08 PM IST