Rupees down 44 steps to payout at 20-month low against dollar mid-forex cash flow

Rupees settle at 20-month low against dollar amid forex outflows

Rupees Vs Dollar Today: Rupees steady at 76.32 against the dollar

The rupee fell as much as 44 pali to settle at a 20-month low on Wednesday, December 15, as continued foreign capital outflows and risk aversion weighed on the local unit. In the interbank foreign exchange market, domestic units penetrated the level of 76 in the opening session to trade 76.05 lower than the USD due to foreign capital inflows.

Domestic units fell further to 76.32, a level not seen since April 24, 2020, recording a drop of 44 places from the previous close. Additionally, the rupee recorded its biggest one-day drop in nearly eight months.

The rupee has been under pressure for the past five weeks due to consistent foreign exchange outflows on expectations the US Federal Reserve would decelerate more rapidly to tackle rising inflation.

The local unit has lost 9 out of 11 trading sessions this month, down a total of 119 points or 1.58% against the dollar. According to traders, the rupee’s drop was also due to concerns about the rapid spread of the Omicron variant. The US dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.12% to 96.45.

On the domestic stock market, BSE Sensex ended 329.06 points or 0.57% lower at 57,788.03, while the broader NSE Nifty fell 103.50 points or 0.6% to 17,221.40.

According to interim data, foreign institutional investors remained net sellers in capital markets, pulling out Rs 763.18 crore on Dec. 14. Brent crude oil futures, the global oil benchmark, fell 1.06% to 72.92 USD/barrel.


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