Currency Buzz: INR Pares Initial Gains To Settle Flat

26 Jul 2022 , 05:01 PM

Muted domestic equities, firming crude oil prices and concerns over the hawkish US Fed led the Indian rupee pare its initial gains to settle flat on Tuesday. Moreover, a firm dollar overseas added further pressure on the local currency. At the interbank forex market, the local unit opened at 79.73 against the greenback and finally settled at 79.78 (provisional), unchanged from its previous close. During the day the local unit witnessed an intra-day high of 79.72 and a low of 79.81 against the American currency. On Monday, the rupee rose by 12 paise to close at 79.78 against the US dollar. The dollar index which measures the greenback against a basket of other major currencies was trading higher by 0.60% at 107. The dollar recently touched a 20-year high of 109.290 in mid-July. Powered by Commodity Insights