Rupee falls 20 paise to close at record low of 78.13 against US dollar

Author: Nishu June 13, 2022

Rupee falls 20 paise to close at record low of 78.13 against US dollar

Global oil benchmark Brent crude futures fell 1.58% to $120.08 a barrel

Global oil benchmark Brent crude futures fell 1.58% to $120.08 a barrel

A weak trend in domestic equities and a firm greenback overseas weighed on investor sentiment, with the rupee falling 20 paise to close at an all-time low of 78.13 against the US dollar on Monday.

Forex traders said weak Asian currencies and frequent foreign capital outflow were other key factors that dragged the local unit down.

At the interbank forex market, the local currency opened higher at 78.20 and witnessed intra-day highs of 78.02 and low of 78.29 against the US Dollar.

The local unit finally settled at its all-time low of 78.13, down 20 paise over its previous close.

On Friday, the rupee had lost 19 paise to close at a record low of 77.93 against the US dollar.

Dilip Parmar said, “The Indian rupee fell to a low of life, taking cues from weaker regional currencies. The dollar extended gains on Monday on a rise in US Treasury yields after the inflation shock on Friday.” , Research Analyst, HDFC Securities.

Mr Parmar further said that following Friday’s US inflation data, currency markets are up 175 bps from their September decision, which means two half-points and one 75 bps hike.

“The last 75 bps hike by the Fed was in November 1994.

“Spot USD/INR is expected to trade higher and a cross above 78.30 will pave the way for 78.50 and 78.70, while a downside 77.70 will act as support,” Mr. Parmar said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.55% to 104.71.

Global oil benchmark Brent crude futures fell 1.58% to $120.08 a barrel.

On the domestic equity market front, the BSE Sensex closed 1,456.74 points or 2.68% lower at 52,846.70, while the broader NSE Nifty closed 427.40 points or 2.64% lower at 15,774.40.

According to stock exchange data, foreign institutional investors continued their selling by selling a net worth of Rs 3,973.95 crore on Friday.

13 June, 2022, 4:51 pm

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Monday, 13th June 2022

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