The Rupee drops 9 paise to hit a lifetime low of 79.90 against the US Dollar

Last update: July 14, 2022, 7:17 p.m. HST

The rupee pared its initial gains as the US dollar continued to appreciate against a basket of major global currencies in early European trading.

A drop in crude oil prices in international markets, however, limited the losses in rupees, according to traders.

The rupee fell 9 paise to a new high of 79.90 against the US currency on Thursday on the strength of the US dollar in overseas markets and capital outflows. A decline in crude oil prices in international markets, however, limited rupee losses, traders said.

In the interbank FX market, the local currency opened strongly at 79.72 and saw an intraday high of 79.71 and a low of 79.92 against the US Dollar in day trade. The local unit finally settled at 79.90 on the dollar, down 9 paise from its previous close.

The rupee pared its initial gains as the US dollar continued to appreciate against a basket of major global currencies in early European trading. The dollar index, which measures the strength of the greenback against a basket of six currencies, was trading up 0.37% at 108.36. Brent futures, the global oil benchmark, fell 2.20% to $97.38 a barrel.

On the domestic stock market front, the BSE Sensex ended down 98 points or 0.18% at 53,416.15, while the broader NSE Nifty was down 28.00 points or 0.18% at 15 938.65. Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,839.52 crore, according to exchange data.

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