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Rupee drops 12 paise to 78.10 against US dollar.

Date: 22-06-2022
Subject: Rupee drops 12 paise to 78.10 against US dollar
Mumbai, The rupee declined 12 paise to close at 78.10 (provisional) against the US dollar on Tuesday, as persistent NSE -2.85 % foreign fund outflows and a jump in crude oil prices weighed on investor sentiment. At the interbank foreign exchange market, the local currency opened at 78.00 and finally ended at 78.10, down 12 paise over its previous close.

On Monday, the rupee had appreciated 7 paise to settle at 77.98.

"This was another quiet day for the rupee even after strong intermarket cues. Global equities are up while the dollar is down against major trading currencies," said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said higher crude oil prices and yields restricted gains in the rupee.

"Near-term bias for USD-INR remains range-bound within 77.70 to 78.30. Swing traders can use a lower range for long and cover at the upper range," Parmar said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.68 per cent to 103.99.

Brent crude futures, the global oil benchmark, advanced 1.68 per cent to USD 116.05 per barrel.

On the domestic equity market front, the BSE Sensex ended 934.23 points or 1.81 per cent up at 52,532.07, while the broader NSE Nifty jumped 288.65 points or 1.88 per cent to 15,638.80.

Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 1,217.12 crore, as per stock exchange data.

Source Name:-Economic Times

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