The US dollar’s resilience and the stability of crude oil prices caused the rupee to somewhat recover its losses and close the day on Monday 10 paise down at 79.94 (provisional) against the US dollar. On the interbank foreign exchange market, the local currency started trading at 80.10 and fell to an intraday low of 80.15 against the US dollar.
The local currency ultimately ended at 79.94 per dollar, down 10 paise from its previous closure of 79.84. On July 20, the rupee’s closing price against the dollar fell below the 80-point threshold for the first time ever, at 80.05. After Federal Reserve Chairman Jerome Powell took a hawkish posture to fight inflation, the dollar index, which gauges the value of the dollar against a basket of six foreign currencies, was up 0.28% at 109.10 approximately.
The benchmark for world oil, Brent crude futures, increased by 0.64 % to USD 101.64 a barrel. The BSE Sensex closed 861.25 points or 1.46 % lower at 57,972.62 on the local equities market, while the larger NSE Nifty fell 246.00 points or 1.4% to 17,312.90. According to stock exchange statistics, foreign institutional investors were net sellers on Friday in the capital market, selling shares worth Rs51.12 crore.
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