Rupee declines 13 paise to end at all-time low of 78.17

THE DOLLAR INDEX, WHICH GAUGES THE GREENBACK’S STRENGTH AGAINST A BASKET OF 6 CURRENCIES, FELL 0.64% TO 104.84

Press Trust of India

MUMBAI: The rupee plunged 13 paise to close at a fresh all-time low of 78.17 (provisional) against the US dollar on Wednesday, as a lacklustre trend in domestic equities and persistent foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange market, the local currency opened at 77.99 and settled at its all-time low of 78.17, down 13 paise over its previous close of 78.04. “Expectation is that US central bank could raise rates by 50 bps. Hawkish comments could continue to keep the dollar supported at lower levels. Major crosses remained under pressure following broad gains in the dollar,” said Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services. “We expect the USDINR to trade with sideways and quote in the range of 77.70 and 78.40,” Somaiya added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.64% to 104.84.

Brent crude futures, the global oil benchmark, declined 1.07% to $119.87 per barrel.

Sliding for the fourth straight day, the BSE Sensex shed 152 points in choppy trade on Wednesday amid mixed global cues ahead of the US Federal Reserve’s policy decision.

The BSE benchmark oscillated between gains and losses in a range-bound session, before finally closing 152.18 points or 0.29% lower at 52,541.39, an over 10-month low. The index has now lost 2,778.89 points in four days. Continuing their selling spree, foreign institutional investors offloaded shares worth a net ₹4,502.25 crore on Tuesday, as per stock exchange data.