Rupee falls 8 paise to close at ₹77.76 against US dollar

Author: Nishu June 9, 2022

Rupee falls 8 paise to close at ₹77.76 against US dollar

During the session, the rupee touched an all-time low of Rs 77.81 against the US currency.

During the session, the rupee touched an all-time low of Rs 77.81 against the US currency.

The rupee on Thursday closed 8 paise lower at 77.76 (provisional) against the US dollar, weighed down by rising crude oil prices and persistent foreign capital outflow.

At the interbank forex market, the rupee opened at ₹77.74 against the greenback and finally closed at ₹77.76, down 8 paise from its previous close.

During the session, the rupee touched an all-time low of Rs 77.81 against the US currency.

On Wednesday, the rupee had closed 10 paise higher at Rs 77.68 from its record low.

Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said, “Even after the release of the RBI policy statement, volatility in the rupee remained low.

The Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points, the second hike in five weeks, to rein in price rise, which it saw hurting consumers in the near term.

The rate hike comes after the RBI hiked it by 40 bps in an unscheduled meeting on May 4.

“The dollar remains under pressure on major crosses after broad strengthening. The focus will be on the European Central Bank’s (ECB) policy statement and sharp remarks could prevent a major weakness for the euro,” Somaiya said. sideways and in a range of 77.40 and 78.05.” Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% lower at 102.48.

Global oil benchmark Brent crude futures fell 0.23% to $123.29 a barrel.

Foreign institutional investors remained net sellers in the capital markets on Wednesday as they sold shares worth 2,484.25 crore, according to stock exchange data.

9 June, 2022, 4:54 pm

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