Rupee Falls Against the US Dollar as oil Prices Rise

On Tuesday, the rupee fell to as low as 78.09 against the US dollar, owing to increased oil costs and continued foreign institutional withdrawals.

However, the rupee’s losses were limited because to growth in local equities and weakness in the greenback outside.

The rupee concluded the day at 78.07 against the US dollar, down from 77.99 earlier in the day.

Concerns about tighter supply overcame a drop in demand due to concerns about slowing growth, causing global oil prices to rise. Brent crude futures slid 1.6% to $116 per barrel. WTI futures followed suit, gaining as much as 2.5% to $110.7 a barrel.

The dollar index fell 0.4% against the yen. It compares the strength of the dollar to six other currencies.

Following a six-day losing trend, Indian equities indices recorded strong gains. In intraday trade, gains across sectors lifted the main indices about 2% higher, with financial, IT, and oil & gas stocks leading the way.

According to exchange statistics, foreign portfolio investors (FPIs) sold Indian shares worth a net Rs 1,217.1 crore on Monday.

On Monday, the rupee was trading at 77.98 against the dollar.

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