Rupee falls against US Dollar amid volatile markets

14 Jan 2022 , 12:30 PM

On Friday, the Indian Rupee weakened against the US benchmark dollar index at the forex interbank market due to volatile equities markets and higher crude oil prices that led to nervousness among investors. In the early trade, the rupee weakened 19 paise to 74.09 per dollar.

The domestic currency weakened after a stream of hawkish remarks made by the US Federal Reserves after the country’s inflation reached four decades low.

To put an end to ultra-easy monetary conditions, the Fed has signalled to hike interest rates sooner-than-expected most likely in March. The dollar index against a basket of currencies has hit a 2-months low.

The rupee opened sluggish at Rs 74.05 against the US dollar. Further fell to 74.09 per dollar in early day deals – shedding 19 paise since its last closing.

On the previous day, the Rupee strengthened against the dollar at 73.90.

Globally, the oil benchmark Brent crude was nearing $84.70 per barrel, while the US WTI crude was a little over $80.1 per barrel.

On the domestic equity market front, NSE Nifty was trading below 18,230. Sensex struggles to keep 61,000-mark.