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RBI steps in to stem rupee fall, defends 77.50 per dollar level

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Rupee appreciates 17 paise to 77.17 against US dollar in early trade

The rupee appreciated 17 paise to 77.17 against the US dollar in opening trade on Wednesday as the American currency retreated from its elevated levels

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Rupee vs dollar | Rupee | US Dollar

Press Trust of India  |  Mumbai 


Rupee appreciates 17 paise to 77.17 against US dollar in early trade

The appreciated 17 paise to 77.17 against the in opening trade on Wednesday as the American retreated from its elevated levels.

At the interbank foreign exchange, the opened at 77.24 against the American dollar, then gained further ground to quote at 77.17, registering a rise of 17 paise from the last close. In initial deals the also touched a low of 77.31 against the dollar.

"For the day, the market awaits the US CPI report which could give an indication as to where the prices could be topping. Domestic CPI numbers will also be released and expectations are between 7.5 to 8 per cent. RBI was present on Tuesday selling dollars to ensure an orderly depreciation in the rupee," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

On Tuesday, the rupee had settled at 77.34 against the American .

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 per cent lower at 103.85.

Forex traders said muted domestic equities, firm crude oil prices and persistent foreign fund outflows could weigh on the rupee and restrict its gain.

On the domestic equity market front, the 30-share Sensex was trading 27.61 points or 0.05 per cent higher at 54,392.46, while the broader NSE Nifty advanced 8.30 points or 0.05 per cent to 16,248.35.

Global oil benchmark Brent crude futures rose 1.83 per cent to USD 104.34 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 3,960.59 crore, as per stock exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, May 11 2022. 10:41 IST

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