Currency Buzz: INR Depreciates Amid Dollar Strength

8 Jul 2022 , 05:19 PM

The Indian rupee declined by 10 paise to close at 79.23 (provisional) against the US dollar on Friday, tracking the strength of the American currency in the overseas market. At the interbank foreign exchange market, the local currency opened at 79.20 and finally ended at 79.23, down 10 paise over its previous close of 79.13. The dollar index, which gauges the greenbacks strength against a basket of six currencies, rose 0.39 per cent to 107.54. The RBI on Wednesday raised overseas borrowing limits for companies and liberalised norms for foreign investments in government bonds as it announced a slew of measures to boost foreign exchange inflows in efforts to curb the fall of the rupee. The central bank had also said it has been closely monitoring the liquidity conditions in the forex market and has stepped in as needed in all its segments to alleviate dollar tightness with the objective of ensuring orderly market functioning. Powered by Commodity Insights