Rupee falls 25 paise to close at 82.53 against dollar, Finance Minister calls it stronger against other currencies

The rupee finally settled at 82.53, down 25 paise over its previous close of 82.28

FPJ Web DeskUpdated: Monday, December 12, 2022, 09:32 PM IST
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The rupee declined 25 paise to close at 82.53 (provisional) against the US dollar on Monday, pressured by a lacklustre trend in the domestic equity markets and foreign capital outflows ahead of macroeconomic data announcements.

Forex traders said risk-off sentiment in global markets also weighed on the local unit.

At the interbank foreign exchange market, the rupee opened lower at 82.54 against the greenback and witnessed a high of 82.50 and a low of 82.74.

But replying to a question in Lok Sabha, Nirmala Sitharaman said the Reserve Bank of India has used the available foreign exchange reserves that it had in order to intervene in the markets to make sure that the Dollar-Rupee does not fluctuate too much.

"The Indian Rupee has been strong against every currency. Reserve Bank has used foreign exchange reserves that it has to intervene in the market to make sure that the Dollar-Rupee fluctuation does not go too much," Nirmala Sitharaman said.

It finally settled at 82.53, down 25 paise over its previous close of 82.28.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 104.79.

Global oil benchmark Brent crude futures fell 1.02 per cent to USD 75.32 per barrel.

The 30-share BSE Sensex ended 51.10 points or 0.08 per cent lower at 62,130.57, while the broader NSE Nifty closed almost flat at 18,497.15.

Industrial production data and retail inflation numbers are scheduled to be announced later on Monday.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 158.01 crore, according to exchange data.

After investing over Rs 36,200 crore last month, foreign investors continued their positive momentum and infused Rs 4,500 crore in the Indian equity markets so far in December, mainly due to the decline in the dollar index.

However, foreign portfolio investors (FPIs) turned sellers in the last four trading sessions and pulled out Rs 3,300 crore as they are adopting a cautious stance ahead of the US Federal Reserve's decision on the interest rate.

The Reserve Bank of India (RBI) net sold USD 33.42 billion in the foreign exchange market in the first six months of current fiscal to defend the rupee from excessive volatility.

The Reserve Bank of India (RBI) net sold USD 33.42 billion in the foreign exchange market in the first six months of current fiscal to defend the rupee from excessive volatility.

With inputs from Agencies.

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