Currency markets: rupee against dollar today?

Owing to ongoing foreign capital outflows and an increase in crude oil prices, the rupee fell 46 paise to a record high of 78.83 against the US dollar on Tuesday.

The rupee depreciated against the dollar in the interbank foreign exchange market, opening at 78.53 and closing at 78.83, down 46 paise from its previous level.

The rupee hit an all-time low against the dollar during the session at 78.85. The dollar index, a measure of the dollar’s strength against a basket of six different currencies, was trading up 0.01% at 103.95 at the time.

Markets are reassessing their expectation of a Fed rate hike. The US consumer sentiment report, which is expected to decline from the previous month, could potentially provide some guidance for traders. Meanwhile, Brent futures, the benchmark for all crude oil, rose 1.89% to $117.26 a barrel.

On the Indian stock market front, the 30-stock BSE Sensex closed up 16.17 points or 0.03% at 53,177.45 on the domestic stock market, while the NSE Nifty gained 18.15 points or 0.11% to 15,850.20. According to stock market data, foreign institutional investors sold shares worth Rs. 1,278.42 crore on Monday.

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