(Newshub Desk)The Indian rupee depreciated by 8 paise to close at 83.52 against the US dollar on Monday, dragged down by persistent foreign fund outflows and a strengthening greenback overseas.
Forex traders attributed the slight dip to cautious investor sentiment ahead of the US Federal Reserve’s interest rate decision and fluctuations in global crude prices.
At the interbank foreign exchange market, the local unit opened at 83.44 and witnessed minor volatility before settling at 83.52.
Experts believe the rupee may remain under pressure in the short term due to global uncertainties, although robust domestic macroeconomic indicators are likely to offer some cushion.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading slightly higher at 105.30.
