Rupee Weakens Against US Dollar, Falls 11 Paise

Rupee weakens against US dollar, falls 11 paise to a low of 77.85.

The rupee on Friday closed 11 paise lower at 77.85 (provisional) against the US dollar in the form of selling in domestic equity markets and a strong greenback overseas, leaving investors heavily affected.

Forex traders said this was due to the continuous outflow of foreign capital, and rising global crude oil prices. The Indian currency opened at the level of 77.81 in the interbank forex market.

Research Analyst at HDFC Securities said-

The Indian rupee has slipped to a record low amid weak macro data and a strong dollar index.

The rupee hit a new record low of 77.8725, said Dilip Parmar, Research Analyst, HDFC Securities, as the central bank remains aloof from intervention.

He said the dollar index, which gauges the greenback’s strength against a basket of six currencies. The dollar has gained 0.20 percent to reach the level of 103.43.

Let us tell you that the prices of crude oil are skyrocketing. The record for the last ten years has been broken. Global oil benchmark Brent crude futures rose 0.51 percent to $123.70 per barrel.

On the other hand, in the domestic equity market, the BSE Sensex closed 1,016.84 points or 1.84 percent lower at 54,303.44.

While the broader NSE Nifty closed at 16,201.80, down 276.30 points or 1.68 percent.

Foreign institutional investors were net sellers in the capital market on Thursday as they sold shares worth Rs 1,512.64 crore, according to stock exchange data.

Crude oil prices touched the sky, breaking the record of the last ten years; Still fuel prices stable in India

According to the data available from the Petroleum Planning and Analysis Cell of the Ministry of Oil, the price of crude oil (Indian Basket) reached US $ 121.28 on 9 June, which was earlier seen in February and March 2012.

According to PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29. Oil prices started rising sharply soon after Russia’s invasion of Ukraine.