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Rupee falls 23 paise to close at 79.67 against US dollar

Mumbai, August 18, 2022

The Indian rupee depreciated nearly 23 paise to close at 79.67 against the US dollar following sell-off in global assets which followed in domestic equities and corporate outflows, dealers said.

At the interbank foreign exchange market, the rupee ended at 79.67, as against 79.44 close in the previous trading session, against the US dollar.

"It was largely range bound within the range of 79.58 to 79.70. Overall demand was there by importers and corporate outflows," said CR Forex MD Amit Pabari.

By the closing of market trading hours, Brent crude oil prices were trading at $94.83 a barrel in the international market.

The minutes of Fed's July policy showed Fed officials find it appropriate to slow the pace of rate hikes at some point. While most members backed 75 bps rate hike in July, they expressed concerns on overtightening. Additionally, Fed members emphasised the need to gauge the impact of earlier rate hikes on inflation and economic activity.

However, the minutes did not give a clear insight to quantum of rate hike at September/upcoming meetings, the market revised its rate hike expectations for the September meeting.

Meanwhile, the Sensex ended 37.87 points or 0.06 per cent up at 60,298.00, and the Nifty ended 12.25 points or 0.07 per cent higher at 17,956.50 on Thursday.

IANS

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