The rupee fell 11 paise to a low of Rs 77.85 against the US dollar

Author: Nishu June 10, 2022

The number of ₹2000 currency notes in circulation continues to decline

The rupee opened at 77.81 and saw an intra-day high of 77.79 and a low of 77.87 against the US dollar.

The rupee opened at 77.81 and saw an intra-day high of 77.79 and a low of 77.87 against the US dollar.

The rupee on Friday closed 11 paise lower at a new lifetime low of 77.85 (provisional) against the US dollar as selling in domestic equities and a strong greenback overseas weighed on investor sentiment.

Forex traders said persistent foreign capital outflows, rise in global crude oil prices and risk aversion sentiments also weighed on the rupee.

In the interbank forex market, the rupee opened at 77.81 and saw intra-day highs of 77.79 and 77.87 lows against the US dollar.

The rupee finally settled at its all-time low of Rs 77.85, down 11 paise from its previous close of Rs 77.85.

“The Indian rupee plunged to a record low amid risk-averse sentiment, weak macro data and a strong dollar index. The rupee marked a new record low of 77.8725 as the central bank stays afloat while importers run for the dollar,” said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said that overriding global central banks to fight inflation with higher interest rates remains a headwind for riskier assets and favors dollar bulls.

“On the domestic front, spot USD-INR is expected to consolidate in the range of Rs 77.50 to Rs 78.30 with a bullish bias,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.20% to 103.43.

Global oil benchmark Brent crude futures rose 0.51% to $123.70 a barrel.

On the domestic equity market front, the BSE Sensex closed 1,016.84 points or 1.84% lower at 54,303.44, while the broader NSE Nifty closed 276.30 points or 1.68% lower at 16,201.80.

Foreign institutional investors were net sellers in the capital markets on Thursday as they sold shares worth 1,512.64 crore, according to stock exchange data.

10 June, 2022, 4:24 pm

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Friday, 10th June 2022

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