Rupee Loses Ground Against The US Dollar, Falls 11 Paise To ₹95.84 in Early Trade

Mumbai: The Indian rupee slipped by 11 paise to 95.84 against the US dollar in early trading on Thursday, September 24, as the greenback strengthened, crude oil prices rose and domestic stocks declined, according to wire reports. The rupee opened at 95.84 at the interbank foreign exchange market and held steady throughout the day.

Previously, on Wednesday, it closed at 95.73, also losing 11 paise. The dollar index, which tracks the US currency against six counterparts, edged up 0.06% to 100.87, bolstered by higher US bond yields and the perception of a weaker emerging market currency. While the Sensex and Nifty stocks opened lower, trading in the red, foreign institutional investors remained net buyers of Indian equities on Wednesday, buying shares worth ₹1,617.45 crore.

However, this inflow did not halt the rupee's decline against the dollar. The situation is further complicated by uncertainty over developments in West Asia, following a rare meeting between US and Iranian officials at the UN General Assembly. Analysts suggest that traders will closely monitor oil prices, US bond yields and the dollar in the coming sessions to gauge the rupee's direction.