Rupee drops to an all-time low of 78.32 against US dollar

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• Jun 23, 2022 | Dhupali Das

The benchmark for world oil, Brent crude futures, fell 0.99 percent to USD 110.63 a barrel.

Digital Desk: As a result of a strong US currency and ongoing outflows of foreign funds, the rupee on Thursday fell to an all-time low of 78.32 (provisional) against the US dollar.

The local currency started in the interbank foreign exchange market at 78.26 and ended up closing at its all-time low of 78.32, unchanged from its previous closure.

The rupee lost 19 paise on Wednesday, reaching an all-time low of 78.32 against the US dollar.

 Dilip Parmar, the Research Analyst at HDFC Securities, said, "The Indian rupee lost its early morning gains as safe-haven buying pushed the dollar ahead of quarter-end revisions."

Parmar added that a near bounce is possible amid the decline in commodity prices, stability in regional currencies, and the recovery in risk assets.  

"Spot USDINR is anticipated to trade in a constrained range between 78.10 and 78.50 before advancing to 79-odd levels," Parmar said.

The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, increased 0.41 percent to 104.62.

The benchmark for world oil, Brent crude futures, fell 0.99 percent to USD 110.63 a barrel.

The BSE Sensex closed at 52,265.72, up 443.19 points, or 0.86 percent, while the larger NSE Nifty increased by 143.35 points, or 0.93 percent, to 15,556.65. 

According to stock exchange data, foreign institutional investors continued to be net sellers on Wednesday in the capital market, selling shares worth Rs 2,920.61 crore.