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Rupee falls again

In the midst of intense volatility on Thursday, the rupee fell 32 paisas to close at an all-time low of 81.94 (provisional) against the US dollar. The local currency was also negatively impacted by stable crude oil prices.

 

The local currency at the interbank foreign exchange market started out strongly at 81.52 before giving back all of its gains to conclude at an all-time low of 81.94 versus the US dollar, a loss of 32 paise from its previous level.

 

The local unit experienced an intraday high of 81.51 and a low of 81.94 against the US dollar during the day. The rupee gained 20 paise on Tuesday, ending the day at 81.62 against the US dollar.

 

Due to Dussehra, the FX market was closed on Wednesday. ‘After a slight increase on Tuesday, the rupee is once more beginning to face pressure.

 

The US services PMI and private payrolls statistics exceeded expectations, strengthening the dollar’ the Motilal Oswal Financial Services’ Gaurang Somaiya, a forex and gold analyst.

 

The dollar index, which measures the strength of the dollar against a basket of six different currencies, increased 0.06 percent to 111.27. Benchmark Brent crude futures for world oil decreased 0.8% to USD 93.30 per barrel.

 

The 30-share BSE Sensex ended the day up 156.63 points, or 0.27 percent, at 58,222.10, while the larger NSE Nifty gained 57.50 points, or 0.33 percent, to 17,331.80.

 

According to exchange data, foreign institutional investors were net purchasers on Tuesday, buying shares worth Rs 1,344.63 crore.

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