Mumbai: The rupee on Thursday declined by 11 paise to close at 75.95 (provisional) against the US currency in the foreign exchange market. The rupee fell as investor sentiment in global markets was hit by an aggressive interest rate stance by the US Federal Reserve. The rupee opened weak at 75.88 against the US dollar in the interbank foreign exchange market.
Later the rupee depreciated further and went down to the level of Rs 75.99. At the end of trading, the rupee declined by 11 paise to close at 75.95 per dollar against its previous closing price. On Wednesday, the rupee had lost 55 paise, the biggest single day fall in a month, to close at a week’s low of Rs 75.84 per dollar. Meanwhile, the dollar index, which reflects the dollar’s position against the six major currencies, rose 0.04 per cent to 99.64.
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Global benchmark Brent crude futures rose 1.52 per cent to $102.61 per barrel. Dilip Parmar, Research Analyst, HDFC Securities, said, “The rupee is heading towards crossing the psychological level of Rs 76 per dollar after the Federal Reserve moved from an aggressively tighter policy to a more flexible monetary policy…”
The 30-share Sensex of BSE closed at 59,034.95, down 575.46 points. According to stock market data, foreign institutional investors were net sellers in the capital market and sold shares worth Rs 2,279.97 crore on Wednesday. (agency)
