Currency Buzz: Firm Dollar Dampens INR Sentiment

7 Jun 2022 , 05:12 PM

Massive sell-off in local equities coupled with strength in dollar is seen weighing down the Indian rupee that slipped more than 10 paise to close at 77.78 (provisional) against the US dollar on Tuesday. Persistent foreign capital outflows and elevated global crude oil prices also impacted the domestic unit. At the interbank foreign exchange market, the local currency opened at 77.72 and witnessed an intra-day high of 77.69 and a low of 77.80 against the US dollar. The local unit finally settled at 77.78, down 11 paise over its previous close of 77.66. The dollar index, that measures the greenback against a basket of currencies pushed as high as 102.72, a weeks high, buoyed by the 10-year US Treasury yields that climbed to 3.05% for the first time in nearly four weeks. Powered by Commodity Insights