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Rupee Hits Record Low Of 77.55 Against US Dollar

By Amit - May 13, 2022

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Mumbai :

The initial gains of the rupee on Friday looked fading as it fell by five paise to hit an all-time low of Rs 77.55 per dollar at the inter-bank forex market. The reason for the fall is rising inflation concerns and strengthening of the dollar. Market sources said weakness in other regional currencies and disappointing economic data weighed on the rupee’s sentiments. However, market intervention by the Reserve Bank of India limited the losses in the rupee. In the inter-bank foreign exchange market, the rupee opened at 77.35 against the dollar and declined in the range of 77.26 to 77.55 during trading. – increased. At the end of trading, the rupee closed at 77.55, which shows a decline of five paise against the previous closing price (Rs 77.50 per dollar).

On a weekly basis, the rupee declined by 65 paise on a weekly basis amid a firming dollar index, improved risk appetite and continued outflow of foreign capital. “All factors” said Dilip Parmar, Research Analyst, HDFC Securities. Meanwhile, the liquidity aspect is essentially a key driver of the recent market volatility and market participants are turning to safer investment options. “India’s inflation rose for the seventh consecutive month in April on the back of rising food and fuel prices. Reached an eight-year high of 7.79 per cent, raising fears of the bank raising interest rates early next month to contain prices.

The 30-share index of the Bombay Stock Exchange closed at 52,793.62 points, down 136.69 points. The dollar index, which shows the strength of the dollar against six major currencies, declined 0.05 percent to 104.79. According to stock market data, foreign Institutional investors were net sellers in the capital market and sold shares worth Rs 3,780.08 crore on Friday. Global oil standard Brent crude futures rose 1.56 percent to $ 109.13 per barrel.

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(Except for the headline, this news has not been edited by the NewsBust India team, it has been published directly from the Syndicate feed.)

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