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Rupee Slips 7 Paise To End At Record Low Of 77.63 Per Dollar

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The rupee slipped 7 paise to close at an all-time low of 77.63 against U.S. dollar on Friday, weighed down by unabated foreign fund outflows and elevated crude oil prices.

At the interbank forex market, the rupee opened at 77.51 against the greenback and moved in a range of 77.49 to 77.63 in the day’s trade.

The rupee finally ended at 77.63, down 7 paise over its previous close of 77.56.

Dilip Parmar, Research Analyst, HDFC Securities, said the dollar is about 2% off its recent high, seen last week, as risk-assets rebound after the People’s Bank of China announced a 15 basis points cut in the 5-year Loan Prime Rate to support the economy.

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The dollar index marked the first weekly decline after six weeks of upward movement, driven by position liquidation and preference for other currencies to emerge at a lower level.

On the domestic equity market front, the BSE Sensex rebounded 1,534.16 points or 2.91% to end at 54,326.39, while the broader NSE Nifty jumped 456.75 points or 2.89% to 16,266.15.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15% to 102.88.

Foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth Rs 1,265.41 crore, as per stock exchange data.

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Brent crude futures, the global oil benchmark, rose 0.10% to $112.15 per barrel.

“We expect the USD-INR to trade sideways and quote in the range of 77.05 and 77.80,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Jateen Trivedi, VP Research Analyst at LKP Securities, said, “The dollar index still holds firm above $102 and crude around $110 per barrel gives the rupee little strength.”

According to Emkay Global Financial Services, during the week, the rupee hit an all-time low of 77.79 against the U.S. dollar as global equity markets continued to sell-off on the back of multiple headwinds.

“Sentiments have taken a hit citing worries that growth would be derailed globally by inflation, rising interest rates and supply chain issues due to Chinese lockdowns,” it said.

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