Rupee depreciates 5 paise to 82.29 against US dollar

In early trade on Friday, the rupee lost ground against the US dollar after beginning the day positively. It fell 5 paise to 82.29.

The local unit started at 82.26 versus the dollar on the interbank foreign exchange, then touched 82.12, a gain of 12 paise from its previous close. The rupee had finished at 82.24 per dollar on Thursday.

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“Dollar strengthened immediately post the CPI print but saw a massive reversal on short covering in majors,” IFA Global Research Academy said in a research note, adding the US headline September CPI came in higher than expected at 8.2% year-on-year (0.4% MoM) against 8.1% yoy (0.2% month-on-month).

The greenback was trading at 147.43 to the yen, not far from the previous session’s 32-year high of 147.665. Meanwhile, sterling was last trading at $1.1309, down 0.18% on the day, erasing previous sharp gains against the dollar following reports of the UK government’s likely U-turn on fiscal plans. The Australian dollar was up 0.22% against the US dollar at $0.631, having hit a two-and-a-half-year low the previous session.

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Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, declined 0.8% to 112.27. Brent crude futures slipped 0.13% to USD 94.45 a barrel.

The Sensex climbed 972.8 points, or 1.70%, to 58,208.13, while the Nifty advanced 273.80 points, or 1.61%, to 17,288.15.

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Foreign institutional investors (FIIs) have sold shares worth a net of Rs 1,636.43 crore, whereas domestic institutional investors (DIIs) purchased shares worth a net of Rs 753.29 crore on October 13, as per provisional data available on the NSE.