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Rupee Depreciates 39 Paise To Fresh All-Time Low of 82.69 Against Dollar; Details Here

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The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar in early trade on Monday amid gains in crude oil prices and weakness in the domestic equity markets. At the interbank foreign exchange, the rupee opened at 82.68 against the greenback, then slipped further to 82.69, registering a fall of 39 paise over its previous close.

The rupee had declined by 13 paise on Friday to hit a record life-time closing low of 82.30 against the US dollar.

Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “The dollar index showed a strong comeback from previous week lows and crossed the 112.50 mark again after upbeat US non-farm employment data. The US 10-year bond yields also jumped and crossed the level of 2.88 per cent last week. Weakness in the global equity markets and escalating Russia-Ukraine tensions also supported safe-haven buying of the dollar… We expect the rupee to remain weak this week and could test 83.00-83.50 levels.”

He added that the rupee slipped to record lows last week against the US dollar after the World Bank reduced the Indian growth outlook from 7.5 per cent to 6.5 per cent for the year 2022-23. The rupee also plunged amid gains in crude oil prices and weakness in the domestic equity markets.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent up at 112.81. Global oil benchmark Brent crude futures stood at $97.07 per barrel.

On the domestic equity market front, the 30-share BSE Sensex was trading 646.25 points or 1.11 per cent lower at 57,545.04, while the broader NSE Nifty fell 192.10 points or 1.11 per cent to 17,122.55. Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 2,250.77 crore, as per exchange data.

(With Inputs From PTI)

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