Rupee rises 6 paise to close at ₹79.92 against U.S. dollar

At the interbank forex market, rupee opened lower at ₹80.00 against the greenback and fell further to an intra-day low of ₹80.05

July 19, 2022 04:31 pm | Updated 04:31 pm IST - Mumbai

Rupee rises 6 paise to close at ₹79.92 against U.S. dollar. File

Rupee rises 6 paise to close at ₹79.92 against U.S. dollar. File | Photo Credit: Reuters

The rupee recovered from its all-time low of ₹80.05 to close 6 paise higher at ₹79.92 (provisional) against the US dollar on Tuesday, tracking its regional peers and a positive trend in domestic equities.

At the interbank forex market, rupee opened lower at ₹80.00 against the greenback and fell further to an intra-day low of ₹80.05.

The local unit recouped losses later and settled at ₹79.92 (provisional), registering a rise of 6 paise over its previous close.

On Monday, the rupee for the first time declined to the low level of ₹80 against the US dollar in intra-day spot trading before ending the session 16 paise lower at ₹79.98 amid a surge in crude oil prices and unrelenting foreign fund outflows.

“The Indian rupee broke the level of ₹80 after many days’ failed efforts by the dollar bulls amid higher crude oil prices. However, the central bank’s intervention and stronger regional currencies and equities supported the rupee to erase early morning losses,” said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said the near-term consolidation in the rupee is likely along with the dollar index ahead of the European Central Bank (ECB) and Bank of Japan policy meetings on Thursday.

On the domestic equity market front, the BSE Sensex ended 246.47 points or 0.45% higher at 54,767.62, while the broader NSE Nifty advanced 62.05 points or 0.38% to 16,340.55.

The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.66% at 106.66.

Brent crude futures, the global oil benchmark, fell 0.40% to $105.84 per barrel.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth ₹156.08 crore, as per stock exchange data. 

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