Markets

Rupee slumps 10 paise to close at all-time low of 77.72 per USD

Photo used for representational purpose only. File

Photo used for representational purpose only. File | Photo Credit: Reuters

The rupee extended its losses and slumped 10 paise to close at a record low of 77.72 (provisional) against the U.S. dollar on Thursday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows.

At the interbank foreign exchange market, the rupee opened lower at 77.72 against the greenback, and finally settled for the day at 77.72, down 10 paise over its previous close.

During the trading session, the rupee touched an intra-day low of 77.76 and a high of 77.63.

On Wednesday, the rupee declined by 18 paise to close at 77.6​2.

"Rupee consolidated in a narrow range despite sharp sell-off in domestic and global equities. Dollar also retraced from higher levels after economic number released from the US came below estimates," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.28 per cent lower at 103.51.

Global oil benchmark Brent crude futures fell 1.87% to $107.07 per barrel.

The 30-share BSE Sensex ended 1,416.30 points or 2.61% lower at 52,792.23, while the broader NSE Nifty fell 430.90 points or 2.65% to 15,809.40.

Foreign institutional investors were net sellers in the capital market on Wednesday, as they offloaded shares worth ₹1,254.64 crore, as per stock exchange data.


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Printable version | May 19, 2022 4:14:20 pm | https://www.thehindu.com/business/markets/rupee-slumps-10-paise-to-close-at-all-time-low-of-7772-per-usd/article65429887.ece