Rupee falls 1 paisa to 83.03 against US dollar
New Delhi (PTI): The rupee settled 1 paisa lower at 83.03 (provisional) against the US dollar on Monday, as positive cues from domestic equity markets failed to allay investors' concerns over elevated crude prices.
A weak American currency against major rivals overseas, however, supported the domestic unit and restricted the fall, forex traders said.
At the interbank foreign exchange market, the local unit opened at 82.93 against the US dollar and moved between the peak of 82.83 and the lowest level of 83.06.
The rupee finally settled 1 paisa lower at 83.03 (provisional) against the previous close.
On Friday, the Indian unit had appreciated 21 paise to close at 83.02 against the greenback.
"We expect the rupee to trade with a slight positive bias on the soft US dollar, positive domestic markets and a correction in crude oil prices. However, concerns over global economic slowdown and rising expectations of a rate hike by FOMC amid strong economic data from the US may cap sharp gains," Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.
Choudhary said that traders may remain cautious ahead of inflation data from India and the US later this week. "USD/INR spot price is expected to trade in a range of Rs 82.40 to Rs 83.30."
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.42 per cent to 104.65.
Brent crude futures, the global oil benchmark, were trading 0.30 per cent lower at USD 90.38 per barrel.
On the domestic equity market front, the BSE Sensex regained the 67,000-level and closed 528.17 points or 0.79 per cent higher at 67,127.08. The broader NSE Nifty advanced 176.40 points or 0.89 per cent to 19,996.35.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 224.22 crore, according to exchange data.
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Pakistan reports two more polio cases; Total tally now 52
ISLAMABAD: At least two more cases of poliovirus were reported in Pakistan, taking the number of infections to 52 so far this year, a report said on Friday.
“The Regional Reference Laboratory for Polio Eradication at the National Institute of Health has confirmed the detection of two more wild poliovirus type 1 (WPV1) cases in Pakistan," an official statement said.
The fresh infections — a boy and a girl — were reported from the Dera Ismail Khan district of Khyber-Pakhtunkhwa province.
“Genetic sequencing of the samples collected from the children is underway," the statement read. Dera Ismail Khan, one of the seven polio-endemic districts of southern Khyber Pakhtunkhwa province, has reported five polio cases so far this year.
Of the 52 cases in the country this year, 24 are from Balochistan, 13 from Sindh, 13 from Khyber Pakhtunkhwa, and one each from Punjab and Islamabad.
There is no cure for polio. Only multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five can keep them protected.
