Rupee sinks 18 paise, to hit a record lowest of 79.03 against the US dollar
In Interbank Foreign Exchange Market the rupee began the day lower in the morning at 78.86 in comparison to the dollar and eventually settled at 79.03 with a decline of 18 points from the previous closing.
The rupee reaches a new low of 78.96 against the US dollar.
The rupee weakened by 18 paise before closing at the lowest level in the range of 79.03 (provisional) with respect to the US dollar on Wednesday. The dollar is being weighed down by the persistent capital outflows from foreign countries and a stronger dollar in the foreign market and a surge in the price of crude oil.
In Interbank Foreign Exchange Market the rupee started lower, trading in the morning at 78.86 when compared to green dollars. It eventually settled at 79.03 with a decline of 18 paise from its previous closing.
In the course of the session, the rupee hit a record lowest at 79.05 in relation to the American currency.
In the course of Tuesday’s trading, rupee plummeted by 48 paise, closing at a record lowest at 78.85 with respect to dollar. US dollar.
The US dollar has dropped 1.97 percent to date this month, and has lost an alarming 6.39 percent since the beginning of the year.
The Dollar index that measures the strength of the greenback against the six currencies in the basket it was trading 0.13 percent more at 104.64.
The rupee fell in value due to risks-averse sentiments as well as lower regional currency levels, Dilip Parmar, Research Analyst, HDFC Securities said that “high demand and tighter dollar liquidity following quarter-end rebalancing weighed on a local unit(rupee)”.
The mood remains bleak for the rupee despite the outflow of foreign funds and fears of a shortage of dollars following quantitative tightening initiated by Federal Reserve. US Federal Reserve.
“The short-term outlook for spot USD/INR remains bullish and one can see a level of 79.10 in the coming days, while on the lower side support has been shifted to 78.38,” Parmar declared.
The global benchmark for oil Brent crude futures climbed 0.34 percent to USD 118.38 per barrel.
On the equity market domestic on the front the 30-share BSE The Sensex finished 150.48 points (or 0.28 percent lower at 53,026.97 and the broad NSE Nifty fell 51.10 points or 0.32 percent to 15,799.10.
