Rupee falls 22 paise to close at 76.51 against U.S. dollar
The Hindu
"Surging commodity prices, hawkish central bank and geopolitical worries stalled global growth recoveries."
The rupee fell 22 paise to close at 76.51 (provisional) against the U.S. dollar on Tuesday, tracking a strong American currency in the overseas market and significant foreign fund outflows.
At the interbank foreign exchange market, the rupee opened at 76.34 against the American currency and settled at 76.51, down 22 paise from the previous close.
During the session, the rupee witnessed an intra-day high of 76.25 and a low of 76.53 against the American currency.
On Monday, the rupee had ended 10 paise lower at 76.29 against the U.S. dollar.
According to Dilip Parmar, Research Analyst, HDFC Securities, the rupee depreciated following foreign fund outflows from domestic equities.
“Global investors rushed towards safe-haven currencies taking cues of higher global bond yields.”
"Surging commodity prices, hawkish central bank and geopolitical worries stalled global growth recoveries," Mr. Parmar said.
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