Forex dealers said crude oil prices are trading near $100 per barrel level, however, supported the Indian currency.
Forex dealers said crude oil prices are trading near $100 per barrel level, however, supported the Indian currency.
The rupee on Wednesday declined by 3 paise to end at a record low of 79.62 (provisional) against the United States currency, following a strong dollar in overseas markets and a fall in domestic equity markets.
Forex dealers said crude oil is trading higher near the $100 level, however, the local unit found support.
In the interbank forex market, the local unit strengthened against the greenback at 79.55 but could not hold on to gains and slipped into negative territory. During the day its highest level was 79.53 and the low level was 79.68.
It finally closed at 79.62 (Provisional), which was less than the previous close of 79.59.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.09% to 108.17.
On the domestic equity market front, the BSE Sensex closed 372.46 points or 0.69% lower at 53,514.15, while the broader NSE Nifty ended 91.65 points or 0.57% lower at 15,966.65.
Meanwhile, global oil benchmark Brent crude futures rose 1.21% to $100.69 a barrel.
Foreign institutional investors remained net sellers in the capital markets on Tuesday, plunging shares worth Rs 1,565.68 crore, as per exchange data.
Retail inflation fell marginally to 7.01% in June, mainly driven by marginal reduction in prices of vegetables and pulses, though it remained above the Reserve Bank’s comfort level for the sixth consecutive month.
Consumer Price Index (CPI) based inflation stood at 7.04% in the preceding month of May and 6.26% in June 2021.