Rupee settles at all-time low of 78.33 against US dollar

RBI Deputy Governor said the Central Bank will not allow 'jerky movements' of the rupee and stressed that the Indian currency has witnessed the least depreciation in recent times.

Published: 24th June 2022 04:17 PM  |   Last Updated: 24th June 2022 04:17 PM   |  A+A-

Money, indian rupee, currency

For representational purpose. (Photo | R Satish Babu, EPS)

By PTI

MUMBAI: The rupee on Friday slipped 1 paisa to close at its all-time low of 78.33 (provisional) against the US dollar.

At the interbank foreign exchange market, the local currency opened at 78.20 and finally settled at its all-time low of 78.33, down 1 paisa from its previous close.

During the day, the local unit witnessed an intra-day high of 78.19 and a low of 78.35 against the American currency.

On Thursday, the rupee had settled at 78.32 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 104.17.

Brent crude futures, the global oil benchmark, advanced 1.13 per cent to USD 111.29 per barrel.

On the domestic equity market front, the BSE Sensex ended 462.26 points or 0.88 per cent higher at 52,727.98, while the broader NSE Nifty gained 142.60 points or 0.92 per cent to 15,699.25.

Foreign institutional investors remained net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,319.06 crore, as per stock exchange data.

Meanwhile, Reserve Bank Deputy Governor Michael D Patra on Friday said the Central Bank will not allow "jerky movements" of the rupee and stressed that the Indian currency has witnessed the least depreciation in recent times.

"We will stand for its stability, and we're doing it on an ongoing basis even as I speak. We are there in the market. We will not allow disorderly movements. We have no level in our mind, but we will not allow jerky movements that is for certain and let it be widely known that we are in the market defending the rupee against volatility," he said.

Patra further said if one looks at the depreciation of the rupee, it is one of the least in the world and that is the power of USD 600 billion dollar reserves.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp