Rupee falls 20 paise to 82.45 against US dollar

the rupee Its price fell by 20 baisas to 82.45 against the US dollar in early trading on Thursday, affected by the strength of the US currency in foreign markets and the rise in crude oil prices.

In the interbank foreign exchange market, the local unit opened at 82.36, then fell to 82.45, recording a decrease of 20 pounds from its last close.

On Wednesday, the rupee settled at 82.25 against the dollar.

Forex traders said the US dollar rose on safe-haven demand amid risk aversion and growing expectations of a tightening monetary policy by the US Federal Reserve in July.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.03 percent to 103.40.

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Brent Crude FuturesThe global oil index fell marginally by 0.23 percent to $76.47 a barrel.

Moreover, Brent oil prices were trading higher at $76.63 on the back of hawkish Fed comments, traders said.

On Thursday, the rupee opened lower as the dollar index rose to 103.38 on account of the Fed’s hawkish FOMC meeting minutes, which indicated that further interest rate hikes are needed to curb inflation, according to a Treasury advisor on Thursday. Fenrichs LLP, Chief Treasury Officer and Chief Executive Officer, Anil Kumar, said Bhansali.

Bhansali added that market participants will track the ADP and non-farm payroll data on Friday to gauge the health of the US economy.

In the domestic stock market, 30 shares BSE Sensex traded 23.16 points, or 0.04 percent, at 65,422.88 points. The broader NSE Nifty index fell 10.25 points, or 0.05 percent, to 19,388.25 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday buying shares worth Rs 1,603.15 crore, according to exchange data.