The rupee on Tuesday depreciated to its lowest point against the dollar in more than a month owing to a rise in crude oil prices and caution ahead of the US Federal Reserve's meeting outcome, scheduled to be released on Wednesday after market hours, said market participants.
The rupee settled at ₹83.04 against the previous close of ₹82.90. The last time the rupee touched ₹83 was on February 16.
"Because of the upcoming Fed meeting, there are jitters in the market. The Fed might sound hawkish and that is the reason we are seeing short covering, which might continue tomorrow as well," said Anindya Banerjee of Kotak Securities.
"The rupee could be between ₹82.90 and ₹83.10 until tomorrow evening," he added.
This story is from the March 20, 2024 edition of Business Standard.
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This story is from the March 20, 2024 edition of Business Standard.
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