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| Photo Credit: Reuters
The rupee pared its initial gains to settle 10 paise down at 82.16 (provisional) against the U.S. dollar on March 13, tracking the weak sentiment in the domestic equity market and unabated foreign fund outflow.
Traders said fall in crude oil price and weaker dollar against major currencies, however, restricted the fall of the Indian currency.
At the interbank foreign exchange market, the local unit opened stronger at 81.78 against the American currency and touched a low of 82.20 during intra-day. It settled at 82.16 (provisional) against the greenback, registering a loss of 10 paise over its previous close of 82.06.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.37% to 104.19.
Global oil benchmark Brent crude futures declined 1.72% to $81.36 per barrel.
On the domestic equity market front, the 30-share BSE Sensex declined 897.28 points or 1.52% to end at 58,237.85, while the broader NSE Nifty fell 258.60 points or 1.49% to 17,154.30.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth ₹2,061.47 crore, according to exchange data.
Investors were trading cautiously as they were concerned over the developments following the collapse of the Silicon Valley Bank in the US.
