Rupee falls 19 paise to 82.38 against US dollar

The rupee fell 19 paise to 82.38 versus the US dollar in opening trade on Monday, as continued foreign money outflows and weak domestic stocks impacted on investor sentiment.

At the interbank foreign exchange, the local unit began lower at 82.33 versus the dollar, then fell further to trade at 82.38, a 19-paise drop from its previous close.

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In early trade, the rupee was trading in a narrow range of 82.38-82.33 versus the US dollar.

The rupee had finished at 82.19 versus the US dollar in the prior session on Friday.

The dollar index, which measures the strength of the US currency against a basket of six currencies, declined 0.27% to 113.01.

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The pound rose 0.42% to $1.1225 after Prime Minister Liz Truss said that Britain’s corporation tax will be raised to 25% in April next year from 19% as part of her government’s initial “mini-budget.”

Meanwhile, the yen recently traded at 148.75 per dollar, not far from its 32-year low of 148.86 set on Friday, owing to increasing US Treasury yields and a strengthening dollar.

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The euro was up 0.17% at $0.97395, as the antipodean currencies recovered little from last week’s multi-year lows.

The Australian dollar rose 0.45% to $0.6231, while the New Zealand dollar rose 0.35% to $0.55815.

Meanwhile, the Chinese offshore yuan was last traded for 7.2143 per dollar.

The international oil benchmark, Brent crude futures, climbed 0.59% to USD 92.17 per barrel.

The Sensex was down 100.41 points, or 0.17%, at 57,819.56, while the Nifty was down 33.95 points, or 0.20%, at 17,151.75.

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Foreign institutional investors (FIIs) have sold shares worth a net of Rs 1,011.23 crore, whereas domestic institutional investors (DIIs) purchased shares worth a net of Rs 1,624.13 crore on October 14, as per data available on the NSE.

FIIs withdrew nearly Rs 7,500 crore from Indian stock markets in the first two weeks of October, fearing that monetary policy tightening by the US Federal Reserve and other central banks across the world will stifle global economic growth.