Tuesday, November 29, 2022

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Rupee drops 37 paise against US dollar to close at 81.63

New Delhi: In line with the US dollar’s strength in foreign exchange markets and a flat domestic equity market, the rupee lost 37 paise on Thursday to settle at 81.63 (provisional). Forex dealers reported that the US dollar gained value following the US Federal Reserve’s policy could be tightened as a result of robust US retail sales data that indicated resilient consumption.

The local unit in the interbank foreign currency market started the day at 81.62 and afterwards experienced an intraday high of 81.45 and a low of 81.68.

The native currency ultimately lost 37 paise from its previous level to conclude at 81.63 against the US dollar. The rupee lost 35 paise on Wednesday to end the day at 81.26 against the US dollar.

The largest gain in US retail sales in eight months was seen in October. According to Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, the UK’s inflation rate increased to a 41-year high of 11.1% from the previous month’s reading of 10.1%.

“We expect the USD-INR (Spot) to trade sideways and quote in the range of 81.05 and 81.60,” Somaiya said.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 106.55.Global oil benchmark Brent crude futures declined 0.40 per cent to USD 92.49 per barrel.

The 30-share BSE Sensex dropped 230.12 points or 0.37 percent to close at 61,750.60 on the domestic equities market, while the larger NSE Nifty dipped 65.75 points or 0.36 percent to close at 18,343.90. According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs 386.06 crore on Wednesday, making them net sellers in the capital markets.

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