Rupee falls 9 paise to close at 86.43 against US dollar
Forex traders said the rupee dwindled amid weak domestic equity markets and the broad strength of the dollar.
Mumbai, Jun 18 (PTI) The rupee depreciated 9 paise to close at 86.43 against the US dollar on Wednesday, dragged down by risk-off sentiments and elevated crude oil prices.
At the interbank foreign exchange, the domestic unit witnessed heavy volatility. It opened at 86.42 against the greenback and touched an intra-day high of 86.25 and a low of 86.57 against the greenback during the day.
At the end of Wednesday's trading session, the local unit was at 86.43, down 9 paise over its previous closing price.
On Tuesday, the rupee declined 30 paise to close at 86.34 against the greenback.
'We expect the rupee to trade with a negative bias on risk aversion in the global markets and worries over rising crude oil prices. Escalating geopolitical tensions in the Middle East may weigh on the rupee.
'However, any de-escalation of tensions may see a recovery in the global risk assets. Traders may take cues from weekly unemployment claims data from the US. Traders may also await the Federal Open Market Committee (FOMC) meeting outcome. The US Federal Reserve is expected to keep interest rates unchanged. USDINR spot price is expected to trade in a range of 86.15 to 86.90,' said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
According to Dilip Parmar, Senior Research Analyst, HDFC Securities, the rupee depreciated for the second consecutive day, primarily due to prevailing risk-averse market sentiment and anticipated dollar outflows, which are fuelled by ongoing geopolitical uncertainties.
'The negative carry return is also contributing to the rupee's downward pressure,' he said and added that the spot USD-INR pair is expected to find support around 85.90, while encountering resistance at the 86.70 level.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.17 per cent at 98.65.
Brent crude, the global oil benchmark, fell 0.86 per cent to USD 75.79 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex declined 138.64 points, or 0.17 per cent, to close at 81,444.66, while the Nifty fell 41.35 points, or 0.17 per cent, to 24,812.05.
Foreign institutional investors (FIIs) purchased equities worth Rs 890.93 crore on a net basis on Wednesday, according to exchange data. PTI DRR HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
3 hours ago
- India Today
Trump signs 'One Big Beautiful Bill' into law at White House July 4 celebrations
US President Donald Trump signed into law the 'One Big Beautiful Bill'—a sweeping package of tax cuts and spending reductions—during a ceremony at the White House on Friday, marking a major legislative victory just a day after the narrowly passed bill cleared the Republican-controlled House of legislation, considered the cornerstone of Trump's second-term agenda, passed by a slim 218-214 margin following a heated and emotional debate on the House floor. It includes provisions to make the 2017 tax cuts permanent, implement broad spending cuts, and fund an aggressive immigration enforcement strategy. Analysts expect it could leave millions of Americans without health never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types," Trump said at the signing ceremony, where he thanked House Speaker Mike Johnson and Senate Majority Leader John Thune for shepherding the bill through Congress. "So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history," Trump signing took place on the South Lawn during a festive July 4th celebration, featuring military flyovers, including stealth bombers and fighter jets that recently participated in US strikes on nuclear sites in event drew hundreds of attendees, including Trump supporters, congressional allies, military families, and White House bill's passage marks a major political victory for Trump and his Republican allies, who argue the package will spur economic growth. However, a nonpartisan analysis projects the plan will add more than USD 3 trillion to the already USD 36.2 trillion national some Republican lawmakers voicing concerns about the bill's high cost and its impact on healthcare programs, only two of the House's 220 Republicans ultimately voted against it. All 212 Democrats opposed the Democratic Leader Hakeem Jeffries delivered a marathon floor speech lasting eight hours and 46 minutes, denouncing the legislation as a massive benefit for the wealthy at the expense of vulnerable Americans.- EndsWith inputs from Reuters
India Today
3 hours ago
- India Today
Musk floats third party idea after ‘One Big Beautiful Bill' clears US Congress
Billionaire tech mogul Elon Musk has stirred political debate after endorsing the idea of forming a third political party in the United States. The speculation gained momentum after Musk reacted positively to a X post which read: 'Elon starting a 3rd party is closely akin to Tesla & SpaceX. Low probability of success, but if successful, it will completely change the game.'advertisementMusk further fuelled the idea by launching a poll on X during Independence Day celebrations, asking his followers: 'Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system! Should we create the America Party?'Elon starting a 3rd party is closely akin to Tesla & probability of success, but if successful it'll completely change the game.— Farzad (@farzyness) July 4, 2025The potential third-party move comes amid rift between Musk and US President Donald Trump. Their recent fallout centres around Trump's sweeping new legislation, dubbed the 'One Big Beautiful Bill,' which passed both houses of Congress on Thursday. The bill, set to be signed on Friday in a high-profile Independence Day ceremony, introduces massive new spending measures, including funding for Trump's expanded migrant deportation who previously played a key advisory role and championed cost-cutting through the Department of Government Efficiency, criticised the bill for its projected USD 3.3 trillion addition to the national deficit over the next opposition prompted a strong response from Trump, who made veiled threats to revoke federal subsidies granted to Musk's companies and even hinted at investigating his immigration status.- EndsTune InMust Watch
The Print
4 hours ago
- The Print
Japan envoy meets UP CM, talks on boosting cooperation
'There is a large population here (in UP) particularly of young talented people and Japan is an ageing society. So, I think the demands and supplies meet here. So we can work together,' he told PTI. 'Just a few hours ago I met CM Adityanath and we had a great conversation on how to develop relationships between Japan and Uttar Pradesh,' ONO Keiichi told PTI after the meeting. Lucknow, Jul 4 (PTI) Ambassador of Japan to India, ONO Keiichi met Uttar Pradesh Chief Minister Yogi Adityanath on Friday and held discussion on further boosting cooperation and developing relationships with the state. ONO Keiichi said it was his first visit to Lucknow and during the meeting the two sides 'agreed on various aspects, areas of cooperation including people to people exchange, human resources development, investment of the Japanese companies in the various areas'. Asked if Japan was considering trade and investment opportunities in UP, he said, 'Already over 300 Japanese companies have bases in UP, particularly Noida. But we would like to increase investment outside of Noida'. 'Of course we expect that Uttar Pradesh itself is also working to make the business environment better. So we can work together,' he said. He said school education including the Japanese language education was also an area in which UP and Japan can work together. 'On language education there are some institutions here in UP to teach Japanese. So we try to enhance our cooperation with those institutions and also school education or universities,' he added. Following their discussion at the Chief Minister's official residence, Ambassador ONO Keiichi took to social media platform X to share insights from the meeting. 'Concurred with @myogiadityanath for Japan-UP cooperation in investment, technologies, human-resource development and tourism,' he said. Symbolising the commitment to their collaboration, he added, 'Look forward to working with CM Yogi by putting the right eye of the daruma doll as a promise of our collaboration: the left will be put when it comes true.' In a post on X, CM Adityanath said, 'Had a fruitful meeting and meaningful discussion with Mr. ONO Keiichi, Ambassador of Japan to India, at my official residence in Lucknow today.' According to an official statement, it was decided during the meeting that a high-level delegation from the UP government will soon visit Japan. The visit will focus on exploring opportunities for collaboration in green hydrogen, electronics, and particularly the semiconductor sector. The delegation will also participate in the World Expo to be held in Osaka in the last week of July, it said. The CM said, 'UP welcomes Japanese investment and technological collaboration in sectors like electronics, green energy, and semiconductors.' He also mentioned that the state government is ready to adopt modern models of urban mobility along with metro projects. The meeting also included discussions on developing the skills of UP's youth and providing them with international employment opportunities. With a focus on job opportunities in Japan, the CM said the state government is working with Japan to train youth so they become eligible for employment there. Both sides also agreed to strengthen ties in the tourism sector. He remarked that UP is India's spiritual centre, home to numerous significant sites related to Hinduism, Buddhism, and Jainism. These are of great interest to Japanese citizens as well. Ambassador ONO Keiichi, along with Noriaki ABE, Minister (Political Affairs), Mayumi Tsubakimoto, First Secretary and Maho Hakamata, Third Secretary, also visited the Indian Para Judo Academy located at Halwasiya Court, Hazratganj, Lucknow. The ambassador and his delegation met Kapil Parmar, Paralympian bronze medallist and Asian Para Games silver medallist, Kokila, Paralympian, Asian Para Games bronze medallist and Akram Shah Olympian and Arjuna Awardee among others. 'The relations between the Judo Association and JICA (Japan International Cooperation Agency) are very good. In the past, Japanese coaches from JICA have stayed in India many times and given free training to Judokas. Recently Soma Nagao, a Japanese Judo coach, stayed in the academy for 2 years and trained Judokas here,' said Munawar Anzar, General Secretary, Indian Blind and Para Judo Association. 'Excited to meet future Olympians/Paralympians, and medalists, at Indian Blind and Para Judo Association, Lucknow, UP. Japan continues to support their passion, fair-play spirit & quest for excellence,' ONO Keiichi posted on X after the visit. Principal Secretary of the Tourism and Culture Department Mukesh Mesheram and advisor to CM Avneesh Awasthi were also present at the Halwasiya court during the visit. PTI MAN CDN NB NB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
