Rupee falls 18 paise to close at 82.22 against US dollar

the rupee Its price fell by 18 pounds to close at 82.22 (temporary) against the US currency on Wednesday, under the pressure of the strong dollar abroad and the negative trend in local stocks.

Forex dealers said foreign money outflows and the stability of crude oil prices pushed the local unit lower.

In the interbank foreign exchange market, the local unit opened at 82.10 against the dollar and finally ended the session at 82.22 (temporary), down 18 pounds from the previous close.

During the day, the rupee saw a high of 82.07 and a low of 82.25 against the dollar.

On Tuesday, the rupee settled at 82.04 against the dollar.

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The rupee depreciated on Wednesday due to weak local stocks and a strong US dollar. Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas said FII’s outflows over the past two cycles have also affected the domestic unit.

European markets were also trading in the red, with UK markets the biggest loser amid rising inflation. The dollar rose amid growing expectations of monetary policy tightening by the US Federal Reserve at the upcoming FOMC meeting in May.

Most Fed officials advocate a 25 basis point rate hike in their rhetoric.

“We expect the Indian rupee to trade with a negative bias to risk aversion in global markets and a rebound in the US currency. If we see more outflows from the FII, that could put negative pressure on the rupee. However, weakness in crude oil prices could prevent a decline,” Chaudhry added. sharply in the local currency.

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Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.33 percent to 102.08.

Brent crude futures fell 1.69 percent, to $83.34 a barrel.

On the domestic stock market front, 30-share BSE Sensex closed at 159.21 points Or, it decreased by 0.27 percent, at 59,567.80 points. The broader NSE Nifty index fell 41.40 points, or 0.23 percent, to 17,618.75 points.

Foreign Institutional Investors (FIIs) They were net sellers in the capital markets on Tuesday unloading shares worth Rs 810.60 crore, according to exchange data.