Rupee settles flat at 83.18 against US dollar

At the interbank foreign exchange market, the local unit opened at 83.17 and traded between the peak of 83.13 and the lowest level of 83.18 against the dollar.

The rupee ended flat at 83.18 (provisional) against the US dollar on Wednesday amid massive selling in equity markets as concerns over oil supplies through the Red Sea route dented investor sentiment.

Forex traders said though the US dollar index below 102 level provided support, the Indian currency was weighed down by foreign fund outflow amid volatile crude oil prices. At the interbank foreign exchange market, the local unit opened at 83.17 and traded between the peak of 83.13 and the lowest level of 83.18 against the dollar. It finally settled at its previous closing level of 83.18 (provisional) against the greenback.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08 per cent higher at 101.87 on Wednesday. Global oil price benchmark Brent crude climbed 0.78 per cent to USD 79.85 per barrel. In the domestic equity market, the 30-share BSE Sensex plunged 930.88 points or 1.30 per cent to settle at 70,506.31.

The broader NSE Nifty declined 302.95 points or 1.41 per cent to 21,150.15. Foreign institutional investors (FIIs) were net sellers in the equity market on Tuesday as they offloaded shares worth Rs 601.52 crore, according to exchange data.