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  5. Rupee falls to all-time low of 77.69 against Dollar

Rupee falls to all-time low of 77.69 against Dollar

The value of the rupee depreciated mainly due to persistent foreign fund outflows and elevated global crude oil prices.

India TV Business Desk Edited by: India TV Business Desk Mumbai Updated on: May 17, 2022 14:02 IST
rupee value vs dollar
Image Source : PTI (FILE)

Rupee falls to all-time low of 77.69 against Dollar

Highlights

  • In the previous session, the rupee had settled at an all-time low of 77.55
  • The dollar index was trading 0.01 per cent lower at 104.19

The rupee depreciated 14 paise to a new all-time low of 77.69 against the US dollar in the opening trade on Tuesday. At the interbank foreign exchange, the rupee opened weak at 77.67 against the American dollar, then lost further ground to quote at 77.69, registering a fall of 14 paise from the last close.

The local currency also touched its record intra-day low of 77.71 to a dollar in early deals.

The value of the rupee depreciated mainly due to persistent foreign fund outflows and elevated global crude oil prices. 

In the previous session, the rupee had settled at an all-time low of 77.55 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 104.19.

"Globally weakening currencies and economic data are weighing in the fall in value. Rupee depreciation affects the export-oriented sectors like textiles, pharma, IT, metals. Besides this, there are other sectors related factors also playing out. Companies importing commodities like oil, gas, FMCG suffer from the depreciation of the rupee," Manoj Dalmia, founder and director, Proficient Equities Private, said.

"Lower rupee against dollar keeps import bills higher, pushing inflation even higher than it is now. Furthermore, higher inflation is detrimental to the overall market. If the rupee does not strengthen, FII outflows will continue, which is another negative factor for the market," Ravi Singhal, Vice Chairman GCL Securities, said.

On the domestic equity market front, the 30-share Sensex was trading 291.04 points or 0.55 per cent higher at 53,264.88, while the broader NSE Nifty advanced 93.90 points or 0.59 per cent to 15,936.20.

Global oil benchmark Brent crude futures slipped 0.25 per cent to USD 113.95 per barrel.

Foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,788.93 crore, as per stock exchange data.

With PTI Inputs

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