SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 23 Aug, 2022  

Rupee.9.Thmb.jpg Rupee closes 11 paise lower against US dollar

   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS | 22 Aug, 2022
The Indian rupee depreciated 11 paise, to close at 79.87 against the US dollar on Monday.

At the Interbank foreign exchange market, rupee ended at 79.87, as against its 79.76 close on the previous trading session against the US dollar.

"Rupee trade in range of 79.70-79.90 and closed higher by 0.09 points against the dollar on back of crude weakness continuing below $97 along with Iran oil deal hopes which can raise supply of crude and bring prices even further down helping rupee curb the fall," said Jateen Trivedi, VP Research Analyst at LKP Securities.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.20 per cent to 108.38.

Meanwhile, Brent crude futures, the global oil benchmark, declined 0.81 per cent to $95.94 per barrel.

The domestic equities, Sensex ended 872.28 points, or 1.48 per cent, down at 58,773.87, and Nifty ended down 267.75 points or 1.51 per cent at 17,490.70.

BSE IT fell 1.65 per cent, BSE Auto fell 1.92 per cent, BSE Metal fell 2.69 per cent, and BSE Cons Durables fell 1.57 per cent. These sectors are worst hit and seen heavy sell-off in the market.

"The current two major positives for the rupee would be the RBI's intervention and FPI/FDI flows as in the past, the RBI has intervened to curb a sharp fall in the rupee. Also, the current month's inflows of a whopping $5.6 billion into equities have been rupee pro. It would be interesting to see how far is the RBI able to protect the pair amid the scale weighing heavy on the negative side. If the RBI manages to keep it protected, we shall see the rupee trading in a range of 79.00-80.00 levels. Else, if it crosses its all-time high of 80.06, then we could see further momentum towards 80.50 to 81.00 levels," said Amit Pabari, MD at CR Forex Advisors.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter