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Rupees up 21 Paise to 77.50 per dollar, recovering from record low

Rupees up 21 Paise to 77.50 per dollar, recovering from record low

Rupees rise from record lows against dollar on Wednesday

Mumbai:

The rupee recovered from record lows to close 21 pa higher at 77.50 against the US currency on Wednesday as dollar sales by some banks offset the impact of rising crude prices and foreign capital flows continuously.

In the interbank forex market, the rupee opened at 77.58 against the greenback and fluctuated between 77.51 and 77.62 during intraday trading.

The rupee ultimately ended at 77.50, 21 pa above the previous close.

On Tuesday, the rupee fell 17 pounds to close at an all-time low of 77.71 as higher US bond yields dampened the appeal of riskier assets.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.15% to 101.90.

Brent crude futures, the global oil benchmark, rose 1.84% to $117.73 a barrel.

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, said: “The Rupee continues to trade in a narrow range and volatility remains low despite the weakness in the domestic and global markets. bridge.

Domestically, GDP and fiscal numbers are opposite and have limited impact on the currency, Mr. Somaiya added.

The dollar rose on Tuesday after the meeting between the US President and the Fed chair suggested that the policy focus will be on inflation.

BSE Sensex finished 185.24 points or 0.33% lower at 55,381.17, while the broader NSE Nifty fell 61.80 points or 0.37% to 16,522.75.

Foreign institutional investors were net sellers in capital markets on Tuesday as they sold off shares worth Rs 1,003.56 crore, according to stock exchange data.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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