Rupee rises 14 paise to 79.77 against US dollar

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• Jul 28, 2022 | Kabir Chakraborty

The rupee gained 14 paise from the previous close to start trading at 79.77 versus the American dollar at the interbank foreign exchange, where it had begun at 79.80.

color:black;mso-themecolor:text1">Digital Desk: Early on Thursday, the rupee
strengthened 14 paise to 79.77 against the US dollar, after the overnight
decline of the American currency.

color:black;mso-themecolor:text1">Forex traders warned that increased oil
prices, month-end importer demand, and concerns about a worldwide recession
could limit the gains for the local currency.

The
rupee gained 14 paise from the previous close to start trading at 79.77 versus
the American dollar at the interbank foreign exchange, where it had begun at
79.80.

The
rupee lost 13 paise on Wednesday, ending the day at 79.91 against the US
dollar.

"Rupee
started off a little bit stronger than it did on Wednesday. The US FED raised
interest rates by 75 basis points and stated that its goal is to drive
inflation down to 2% while also adopting a somewhat dovish stance
"according to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury
Advisors.

Bhansali
also pointed out that Asian currencies were up while the Dow Jones and other
indices were all up. The dollar would continue to be strong until it exceeds
the 105 level, he predicted, even though the dollar index dropped below 107
levels.

The
dollar index, which measures the strength of the dollar against a basket of six
different currencies, decreased 0.222% to 106.21.

Brent
crude futures, the global standard for crude oil, increased 0.83 percent to USD
107.50 a barrel.

The
30-share Sensex was up 464.87 points, or 0.83 percent, at 56,281.19 on the
domestic stock front, while the larger NSE Nifty was up 118.45 points, or 0.71
percent, at 16,760.25.

According
to exchange data, foreign institutional investors continued to be net sellers
on Wednesday in the capital market, selling shares worth 436.81 crore. color:black;mso-themecolor:text1">