Rupee slips 8 paise to shut at 77.76 towards US greenback
The rupee depreciated by 8 paise to shut at 77.76 (provisional) towards the US greenback on Thursday, weighed down by elevated crude oil costs and protracted overseas capital outflows.
At the interbank overseas alternate market, the rupee opened decrease at 77.74 towards the dollar and eventually settled at 77.76, down 8 paise over its earlier shut.
During the session, the rupee touched an all-time low of 77.81 towards the American forex.
On Wednesday, the rupee had recovered from its file low to shut 10 paise greater at 77.68.
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“Volatility in rupee remained low even after the release of RBI policy statement,” mentioned Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
The Reserve Bank of India (RBI) on Wednesday raised the important thing rate of interest by 50 foundation factors, the second enhance in 5 weeks, to rein within the rise in costs that it noticed persevering with to harm shoppers within the near-term.
The price hike comes on the again of a 40 bps enhance by the RBI at an unscheduled assembly on May 4.
“Major crosses remain under pressure following broader strength in the dollar. Focus will be on the European Central Bank (ECB) policy statement and hawkish comments could restrict major weakness for the Euro,” Somaiya mentioned, including, “We expect the USDINR to trade sideways and quote in the range of 77.40 and 78.05.” Meanwhile, the greenback index, which gauges the dollar’s power towards a basket of six currencies, was buying and selling 0.06 per cent decrease at 102.48.
Global oil benchmark Brent crude futures declined 0.23 per cent to USD 123.29 per barrel.
On the home fairness market entrance, the 30-share BSE Sensex ended 427.79 factors or 0.78 per cent greater at 55,320.28, whereas the broader NSE Nifty surged 121.85 factors or 0.74 per cent to 16,478.10.
Foreign institutional traders remained web sellers within the capital market on Wednesday as they offloaded shares price Rs 2,484.25 crore, as per inventory alternate information.
