Rupee at a kissing distance of 80 against US dollar
The rupee hit yet another record low on Friday, hitting the 79.94 level for the first time against the US dollar. Rising oil prices and strength in the dollar overseas put pressure on the rupee.
The rupee hit a record low of 79.94 against the US dollar on Friday, pressured by rising oil prices and firmness in the greenback. A positive trend in domestic equities, however, limited the downside in the rupee.
Global oil prices edged higher amid prospects of a less aggressive US rate hike, though concerns about a recovery in demand capped gains.
Brent futures climbed as much as 1.5 percent to $100.6 a barrel. West Texas Intermediate (WTI) futures followed suit, up 1.2 percent at at $96.9 a barrel.
The dollar index — which gauges strength in the greenback against six peers — climbed 0.1 percent to 108.6.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 rose amid gains across sectors.
The rupee had settled at a record closing low of 79.88 against the US dollar on Thursday.
First Published: Jul 15, 2022 9:43 AM IST
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