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Rupee Slips 3 Paise to 95.97 Against US Dollar

By ThePip DeskRupee Slips 3 Paise to 95.97 Against US Dollar

The Indian rupee declined 3 paise to 95.97 against the US dollar in early trade, pressured by persistent capital outflows and strong oil demand.

The Indian rupee weakened against the US dollar in early trade on Thursday, slipping by 3 paise to trade at 95.97 from its previous close of 95.94 on Wednesday. Pressures on the domestic currency mounted as persistent capital outflows from foreign institutional investors continued to impact market sentiment.

Key Trading Metrics

  • Current Exchange Rate: 95.97 against the US dollar
  • Previous Close: 95.94 on Wednesday
  • Session High: 95.9875
  • Session Low: 95.8950
  • FII Net Equity Outflows: Rs 10,148.41 crore on Wednesday

Market pressures were further compounded by strong dollar demand originating from state-run oil companies. Foreign institutional investors added to the downward trajectory by offloading equities worth Rs 10,148.41 crore on a net basis during the previous trading session.

Intervention and Support Factors

Despite the downward momentum, aggressive foreign exchange intervention by the Reserve Bank of India helped limit further downside for the domestic currency. Easing crude oil prices driven by prospects of US-Iran peace talks also provided a stabilizing cushion for rupee sentiments during the session.

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