Currency Buzz: INR Stays In Negative Terrain Ahead Of Fed Policy

25 Jan 2022 , 05:11 PM

The Indian rupee on Tuesday depreciated by 16 paise to close at 74.76 (provisional) against the US dollar amid weak risk appetite for riskier assets ahead of upcoming Fed policy meet. Besides, month-end dollar demand from oil importers and a stronger dollar in overseas markets also weighed on the local unit. At the interbank foreign exchange market, the local currency opened at 74.60 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.80 during the session. The rupee finally settled at 74.76, down by 16 paise over its previous close of 74.60. This is the second straight session of loss for the local unit. The rupee has declined by 33 paise against the American currency in two days. Meanwhile, the dollar index, which gauges the greenbacks strength against a basket of six currencies, was trading 0.22 per cent up at 96.12.

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