Currency Buzz: Dollar Strength Drags INR Lower

7 Sep 2022 , 05:07 PM

A strong dollar in overseas markets and losses in the domestic equities dragged the Indian rupee lower on Wednesday. Rupee declined by 7 paise to close at 79.89 (provisional) against the US dollar. At the interbank foreign exchange market, the domestic currency opened at 79.93 per dollar. It hovered in a range of 79.84 to 79.94 during the session. The domestic unit finally settled at 79.89, down 7 paise over its previous close of 79.82. However, weak crude oil prices and foreign fund inflows limited the downside. Meanwhile, the dollar index, which gauges the greenbacks strength against a basket of six currencies, was trading 0.16 per cent higher at 110.39.Powered by Commodity Insights