Indian currency declined on the first trading day of 2024, rupee became so low against the dollar

A new business week has started today, and with this, the year 2024 has also started. On January 1, 2024, the rupee opened with a fall of 3 paise against the dollar. This decline has come due to the ongoing fluctuations in the stock market and the strength of the dollar index. According to Forex traders, the rupee traded in a limited range in the absence of global cues. Global crude oil markets were closed due to the New Year holiday.

In the interbank foreign exchange market, the rupee opened at 83.18 and finally closed at 83.22 (provisional) against the dollar. This is 6 paise less than the previous close. Last week, on the last trading day of the year 2023, the rupee strengthened by 4 paise and closed at 83.16 against the US dollar.

The dollar index, which shows the strength of the US currency against major currencies of the world, remains at 101.38 with an increase of 0.05 per cent. Global crude oil markets were closed due to the New Year holiday.

Today the stock market opened in the red, but later the market started trading with a slight rise. The Sensex closed at 72,271.94, up 31.68 points or 0.04 per cent. Nifty rose 10.50 points or 0.05 per cent to reach 21,741.90.

According to exchange data, foreign institutional investors (FIIs) bought shares worth Rs 1,459.12 crore on Friday. According to the weekly data released by the Reserve Bank on Friday, foreign exchange reserves continued to increase for the third consecutive week. Reserves increased by US$4.471 billion in the week ended December 22, taking the total to US$620.441 billion.