Indian Rupee: Lingers Near Psychological Rs 80/$ Mark

19 Jul 2022 , 09:30 AM

The Indian rupee is seen lingering near psychological Rs 80 per dollar mark attained yesterday. Elevated oil prices and sustained foreign fund outflows are offsetting any support gained from dollar weakness. On Monday, rupee breached a crucial Rs 80 per dollar mark during intraday moves before easing slightly to end the day at 78.98 against the greenback. At the interbank forex market, the local unit opened at 79.76 against the greenback but later lost ground to touch the psychological low mark of 80.00 against the American currency. INR closed at 79.98, registering a fall of 16 paise over its previous close at 79.82 against the US currency. The frontline indices ended near the days high with robust gains on Monday, tracking positive global cues. The benchmark S&P BSE Sensex, gained 760.37 points or 1.41% to 54,521.15. The Nifty 50 index added 229.30 points or 1.43% to 16,278.50. Foreign portfolio investors (FPIs) bought shares worth Rs 156.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 844.33 crore in the Indian equity market on 18 July, provisional data showed. Overseas, Asian stocks are trading mixed Tuesday after a positive start to the week, and as investors digested Australias central banks meeting minutes. Wall Street ended lower on Monday after bank stocks erased earlier gains and Apple shares fell on a report saying the company plans to slow hiring and spending growth next year. Powered by Commodity Insights