Rupee inches higher by 2 paise to 78.02 against US dollar in early trade

Author: Nishu June 14, 2022

Rupee falls to all-time low of 78.29 against US dollar

The rupee on Monday closed 11 paise lower at a new high of 78.04 against the US dollar

The rupee on Monday closed 11 paise lower at a new high of 78.04 against the US dollar

The rupee rebounded from its all-time low to trade higher by 2 paise at 78.02 against the US dollar in early trade on Tuesday.

At the interbank foreign exchange, the rupee opened at 78.02 against the dollar, registering a rise of 2 paise over the previous close.

In opening deals, the domestic unit also rose to 77.90 against the US currency, but could not sustain the gains and touch 78.06.

On Monday, the rupee declined by 11 paise to close at a new high of 78.04 against the US dollar.

The Indian rupee opened flat against the dollar on Tuesday as easing domestic inflation concerns dampened the greenback’s overnight strength, said Sriram Iyer, senior research analyst at Reliance Securities.

Retail inflation eased to 7.04% in May, mainly due to softening of food and fuel prices as the government as well as the RBI stepped in to control rising prices through duty cuts and repo rate hike .

However, the inflation print remained above the Reserve Bank’s upper tolerance level of 6% for the fifth consecutive month. This may prompt the central bank to hike the repo rate further in its next policy meeting in August.

Meanwhile, crude oil prices remained bullish on Tuesday morning and the appreciation bias was kept limited.

Iyer said Asian and emerging market peers have made a mixed start, but higher inflation readings could keep the bias for currencies weak.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01% to 105.08, supported by fears of a global economic slowdown and an aggressive rate hike path from the US Fed.

Global oil benchmark Brent crude futures fell 0.02% to $122.25 a barrel.

On the domestic equity market front, the BSE Sensex was trading 145.13 points or 0.27% lower at 52,701.57, while the broader NSE Nifty was trading 85.30 points or 0.54% lower at 15,689.10.

Foreign institutional investors were net sellers in the capital markets on Monday as they sold shares worth Rs 4,164.01 crore, according to exchange data.

14 June, 2022, 10:34 am

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Tuesday, 14th June 2022

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