The rupee depreciated 20 paise to shut at 79.84 (provisional) towards the U.S. greenback on August 19 amid a strengthening dollar abroad.
At the interbank international trade market, the native foreign money opened at 79.75 and moved in a variety of 79.73 to 79.84 in the course of the day.
It lastly ended at 79.84 towards the American foreign money, down 20 paise over its earlier shut of 79.64.
Forex merchants stated the US greenback index witnessed an upturn after feedback from U.S. Federal Reserve officers over the quantum of fee hikes weighed on investor sentiments.
The greenback index, which gauges the dollar’s power towards a basket of six currencies, rose 0.18% to 107.67. Foreign fund outflows from Indian equities additionally dragged the native unit down.
Foreign institutional buyers had been web sellers within the capital market on Thursday as they offloaded shares price ₹1,706.00 crore, as per trade information.
“Rupee continued to consolidate in a narrow range after hawkish FOMC meeting minutes,” stated Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
A string of U.S. central financial institution officers stated the Fed must hold elevating borrowing prices to convey excessive inflation underneath management.
“We expect the USD-INR (Spot) to trade sideways and quote in the range of 79.20 and 79.80,” Somaiya added, Meanwhile, Brent crude futures, the worldwide oil benchmark, declined 1.02% to $95.60 per barrel.
On the home fairness market entrance, the BSE Sensex ended 651.85 factors or 1.08% decrease at 59,646.15, whereas the broader NSE Nifty declined 198.05 factors or 1.10% to 17,758.45. PTI DRR ABM ABM
Source: www.thehindu.com