Currency Buzz: INR Falls As Dollar Stays Strong

31 May 2022 , 04:36 PM

Surging crude oil prices, dollar strength and negative trend in domestic equities weighed on the Indian rupee that depreciated 12 paise to close at 77.66 (provisional) against the US dollar on Tuesday. This is also the fifth straight monthly decline for the rupee. At the interbank foreign exchange market, the rupee opened lower at 77.65 against the greenback and finally settled at 77.66, down 12 paise over its previous close. During the session, the rupee touched an intra-day low of 77.70 and a high of 77.62. On Monday, the rupee settled at 77.54 against the US dollar. Meanwhile, the dollar index, which measures the greenback against a basket of currencies rose above 101.75. Investors will now await the Q4 GDP for further cues. Meanwhile, Indias fiscal deficit for the financial year 2021-22 is estimated at Rs15.87 lakh crore or 99.7% of the revised target, government data showed Tuesday. The fiscal deficit stood at 6.7% as against the revised budget estimate of 6.9%. In the Budget last year, the government had initially pegged the fiscal deficit at 6.8% of the GDP. Powered by Commodity Insights