Currency Buzz: INR Snaps Four Day Winning Streak

30 Mar 2022 , 05:29 PM

The Indian rupee declined by 21 paise to 75.94 against the US dollar on Wednesday as surging crude oil prices and fuel rate hikes by the oil marketing companies fanned fears of inflation and interest rate hikes. However, a strong rally in the domestic equities capped the rupees loss. At the interbank foreign exchange market, the rupee opened strong at 75.65 against the American dollar but soon entered the negative territory as investors dumped riskier assets. During the session, it swung between a high of 75.62 and a low of 75.97. The local unit finally settled at 75.94 against the dollar, down 21 paise from the previous close. Meanwhile, the dollar index, which gauges the greenbacks strength against a basket of six currencies, slipped 0.42 percent to 98.02.

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