The rupee on Wednesday lost 62 paise to close at 79.15 against the dollar, a day after hitting a one-month high. This is the biggest single-day fall in the rupee since March 7, 2022, in the current financial year so far. In July, investor sentiments were weighed down by a widening trade deficit, slowing services sector growth, and tensions between the US and China over Taiwan, adding to pressure on the domestic currency.
The rupee opened with weakness at 78.70 in the interbank foreign exchange market. There was a further decline in it during the day. Earlier on Tuesday, the rupee had strengthened by 53 paise to its highest in 11 months and closed at a one-month high of 78.53. Dilip Parmar, the Research Analyst, at HDFC Securities, said the rupee underperformed against other Asian currencies.
The rupee weakens by 62 paise to close at 79.15 against the dollar
Curb the fall in crude oil
Anuj Choudhary, the Research Analyst at BNP Paribas, said softening crude oil prices and increasing foreign fund inflows restricted the rupee's fall. Foreign institutional investors remained net buyers in the capital market on Wednesday. He bought shares worth Rs 765 crore.
Gold cheaper by Rs 208, silver down by Rs 1,060
On Wednesday, gold was cheaper by Rs 208 to Rs 51,974 per 10 grams in the Delhi bullion market. Silver also became cheaper by Rs 1,060 to Rs 57,913 per kg. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "A correction in the dollar and a rise in US bond yields eased some of the gains in gold."
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