Rupee slipped 7 paise to end the day at 79.93 / $ on 25th August

26 Aug 2022 , 08:51 AM

The rupee lost 7 paise to end the day at 79.93 (provisional) after trading in a constrained range on Thursday versus the US dollar. The native currency’s opening rate on the interbank foreign exchange market was 79.80 per dollar. It lingered between 79.80 and 79.93 during the session.

After settling at 79.93, the local currency fell 7 paise from its previous closing of 79.86. “Among Asian currencies, the Indian rupee underperformed and remained in a small range. China’s economic stimulus helped regional rivals while the local currency was under pressure due to rising crude oil prices and risk-off sentiment on the domestic stock exchanges “Dilip Parmar, a research analyst at HDFC Securities, said.

In addition, Parmar said that Spot USD/INR would trade tomorrow’s monthly rebalancing in the region of 79.60 to 80.10. While this was going on, the dollar index, which gauges the strength of the dollar against a basket of six different currencies, was down 0.50 percent at 108.13.

The benchmark for world oil, Brent crude futures, increased by 0.39 % to USD 101.61 a barrel. Forex dealers reported that market players were wary before the Federal Reserve chairman’s address at the Jackson Hole conference.

In terms of local equities, the broad NSE Nifty fell 82.50 points or 0.47 % to 17,522.45, while the BSE Sensex closed 310.71 points or 0.53 percent down at 58,774.72. According to preliminary statistics, foreign institutional investors (FIIs) continued to be net buyers in the capital markets on Wednesday, buying shares worth Rs23.19 crore.

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