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The Rupee closes 13 paise against the US Dollar at 80.99OUS News

Bombay: The Indian rupee ended Friday down 13 against the US dollar, at 80.99, after hitting record lows during the morning session.

At the close, the rupiah finished at 80.99 against 80.86 during the previous trading session.

“The Indian rupee marked the biggest weekly decline after April 2021 amid a stronger dollar index and risky moods. There appears to be no turning back for the dollar as it hit a new two-decade high and in turn pushed the rupiah to an all-time high,” said Dilip Parmar, research analyst at HDFC Securities. .

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In morning trade, the rupiah rose to 81 points against the US dollar for the first time, due to the uncertainty created after the rise in the dollar index, the increase in the US Fed’s key rate and of the Bank of England and the escalation of geopolitical tensions between Russia and Ukraine.

Additionally, negative trends in domestic equities also weighed on sentiment.

The Bank of England raised its key rate by 50 basis points to 2.25%.

The FX space globally has been impacted by the strengthening US dollar, rising commodity prices and geopolitical uncertainties, and spiraling into slower growth and higher inflation trends.

While emerging market currencies have been hit hard by declining risk appetite, the emerging market space has also remained under pressure. The energy crisis in Europe, delayed rate hikes, widening interest rate differentials and continued high inflation weighed on the FX space across the board.

The dollar index, which measures the strength of the greenback against a basket of six currencies, advanced 0.87% to 112.075.

Brent crude oil prices were trading at $87.74 a barrel.

Meanwhile, India’s stock market crashed sharply on Friday, with the Sensex dropping more than 1,000 points due to global indices, dealers said.

At the close, Sensex finished 1,020.80 points, or 1.73%, down at 58,058.92, and Nifty closed 302.45 points, or 1.72%, at 17,327.35. As many as 2,497 stocks fell, 983 stocks rose and 107 were unchanged.

“The USDINR spot has resistance at 81.40 and support at 80.55,” Parmar added.

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