Monday, 8 August, 2022

Indian rupee falls 36 paise to 79.51 against dollar

Indian rupee falls 36 paise to 79.51 against dollar

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The rupee depreciated 36 paise to 79.51 against the US dollar in opening trade on Thursday, as disappointing macroeconomic data and US-China tensions weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened at 79.21 against the US dollar, then fell to 79.51, registering a decline of 36 paise over the last close, reports PTI.

On Wednesday, the rupee slumped by 62 paise to close at 79.15 against the dollar, marking its worst single-day fall in current fiscal year. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 106.41.

Forex traders said the rupee is underperforming among Asian currencies amid a record high trade deficit number and safe-haven demand for the dollar as traders weigh risks associated with the US-China tensions.

India's exports dipped, though marginally, for the first time in 17 months in July, while the trade deficit tripled to a record USD 31 billion, fuelled by over a 70 per cent rise in crude oil imports.

Traders may also remain cautious ahead of the Reserve Bank of India (RBI) monetary policy outcome on Friday. Meanwhile, global oil benchmark Brent crude futures advanced 0.24 per cent to USD 97.01 per barrel.