In early trading, the Indian rupee falls 23 paise to 79.68 / $

18 Aug 2022 , 10:29 AM

In early trade on Thursday, the rupee lost 23 paise to 79.68 US cents against the US dollar, following the strength of the US dollar in international markets and a flat domestic equity market. The rupee started out at 79.60 versus the US dollar on the interbank foreign exchange but later dropped to 79.68, losing 23 paise from the previous close.

The rupee appreciated 29 paise on Wednesday, ending the day at 79.45 against the dollar. The Federal Open Market Committee (FOMC) meeting minutes revealed that although things are slowing down in the US, the Fed is not finished raising interest rates, which helped the dollar index, which measures the strength of the US currency against a basket of six other currencies, rose 0.06 % to 106.64.

The 30-share Sensex was down 229.29 points, or 0.38 %, at 60,030.84 on the domestic equities market, while the larger NSE Nifty was down 61.15 points, or 0.34 %, at 17,883.10. According to exchange data, foreign institutional investors continued to be net purchasers on Wednesday, buying shares worth Rs2,347.22 crore.