The rupee slips 13 paise to close at an all-time low of 78.17 against the US dollar

Brent futures, the global oil benchmark, fell 1.07% to $119.87 a barrel

Brent futures, the global oil benchmark, fell 1.07% to $119.87 a barrel

The rupee plunged 13 paise to close at a new all-time low of 78.17 (tentative) against the U.S. dollar on Wednesday as a lackluster trend in domestic equities and continued outflows of foreign funds weighed on sentiment. investors.

In the interbank foreign exchange market, the local currency opened at 77.99 and eventually stabilized at its all-time low of 78.17, down 13 paise from its previous close of 78.04.

“The US central bank is expected to raise rates by 50 basis points. Belligerent comments could continue to keep the dollar supported at lower levels. Major crosses remained under pressure following large gains of the dollar,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal. Oswal Financial Services.

Mr. Somaiya added, “We expect USD-INR to trade sideways and range between 77.70 and 78.40.” The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.64% to 104.84.

Brent futures, the global oil benchmark, fell 1.07% to $119.87 a barrel.

On the domestic stock market front, the BSE Sensex ended down 152.18 points or 0.29% at 52,541.39, while the broader NSE Nifty lost 39.95 points or 0.25% at 15,692.15.

Continuing their selling frenzy, foreign institutional investors on Tuesday sold shares with a net worth of ₹4,502.25 crore, according to stock market data.

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