Rupee Closes At Fresh Low Of 78.32 Per US Dollar

The domestic currency rupee in trade today (June 23, 2022) closed at a fresh all time low of 78.32 (provisional) per US dollar. Rupee has lost ground sharply of late primarily given the firm dollar (close to its 2-decade high) and continued FPI selling pressure.

Rupee Closes At Fresh Low Of 78.32 Per US Dollar

The domestic unit at the interbank foreign exchange market opened on a firm note at 78.26. The currency's day high and low has been 78.385 and 78.225, respectively.

The Indian rupee erased early morning gains as safe-haven demand drove the greenback ahead of quarter-end adjustments, Dilip Parmar, Research Analyst at HDFC Securities said.

As for the rupee's trajectory going ahead Mr. Parmar asserted that there is a high probability of a near bounce in the wake of fall in commodities, strength in regional currencies as well as recovery in risk assets.

"Spot USD-INR is expected to be in the narrow range of 78.10 to 78.50 before heading towards 79 odd levels," Parmar added.

Brent crude futures, the global oil benchmark, declined 0.99% to $110.63 per barrel.

Meanwhile, Indian equities bounced back with Nifty settling higher by close to 1% at 15,556.

With Inputs From PTI