Rupee falls 22 paise to close at 82.47 against US dollar
the rupee Its price decreased by 22 pounds to close at 82.47 (temporary) against the US dollar on Thursday, affected by the decline in 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 against the dollar and settled at 82.47 (temporary), down 22 pounds from its previous close.
During the day, the rupee touched a high of 82.36 and a low of 82.55 against the dollar.
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, saw a marginal decline of 0.11 percent, to 103.26. Despite the decline, the dollar index is trading at high levels of 103 and this affected the domestic unit.
Brent Crude FuturesThe global oil index rose 0.29 percent to $76.87 a barrel.
“The Indian rupee recorded its biggest one-day loss in a single month against the US dollar after the June hawkish FOMC minutes and short covering from rupee bulls,” said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar also noted that USD/USD spot is expected to head towards 82.80 and expects to find support near 82.10.
In terms of the local stock market, the BSE Sensex index, which includes 30 shares, closed up 339.60 points, or 0.52 percent, to touch its highest level ever at 65,785.64 points. The broader NSE Nifty advanced 98.80 points, or 0.51 percent, to a lifetime high of 19,497.30 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.