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Rupee's Carnage Continues; Falls To New All-Time Low Of 79.36 Per Dollar
Writer: Snehadri Sarkar
While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
India, 6 July 2022 6:17 AM GMT
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Creatives : Snehadri Sarkar
While he is a massive sports fanatic, his interest also lies in mainstream news and nitpicking trending and less talked about everyday issues.
On Tuesday, the Indian rupee tumbled down to a fresh all-time low against the US Dollar on the back of a stronger dollar and weaker-than-expected domestic statistics, Research Analyst Anuj Choudhary was quoted as saying by the report.
The rupee once again tumbled by 41 paise to close at a fresh record low of 79.36 (provisional) against the US dollar on July 5 amid a strong greenback overseas and unrelenting foreign fund outflows.
When it comes to the interbank forex market, the local unit started at 79.04 against the greenback and witnessed an intra-day top of 79.02 and a low of 79.38.
Rupee Continues To Tumble
The rupee finally settled at 79.36 (provisional), a substantial low of 41 paise in its previous close. On July 4, the rupee closed at 78.95 against the US dollar. Meanwhile, news agency Bloomberg was quoted by NDTV as saying that the rupee settled at ₹79.37.
On Tuesday, the Indian rupee tumbled down to a fresh all-time low against the US Dollar on the back of a stronger dollar and weaker-than-expected domestic statistics, Research Analyst Anuj Choudhary was quoted as saying by the report.
During June, India's merchandise exports went up by 16.78 per cent year-on-year to $37.94 billion. Meanwhile, the trade deficit also ballooned to $25.63 billion on account of a steep increase in crude oil and gold imports, as per the government's preliminary data released on July 4.
Dollar Keeps Increasing The Gap
The dollar might further strengthen on expectations of aggressive rate hikes by the Federal Reserve, Choudhary added, stating that this hike in import duty on gold might also support the rupee to some extent as it might further dent import demand for gold. Furthermore, the rupee might trade in the range of 78.50-80 in the next coming days of sessions.
Meanwhile, the dollar index, which tracks the greenback's strength against a basket of six currencies, went up by 0.89 per cent to 106.07.
Brent crude futures, the global oil benchmark, came down to $112.25 per barrel after a decrease of 1.10 per cent.
When it comes to the domestic equity market front, the BSE Sensex ended 100.42 points or 0.19 per cent lower at 53,134.35, while the broader NSE Nifty declined 24.50 points or 0.15 per cent to 15,810.85.
Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth ₹ 2,149.56 crores, as per exchange data.
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