Rupee slips 12 paise to 79.90 against US dollar, Yen falls to 24-year low

The rupee fell 12 paise to 79.90 against the dollar in early trade on Tuesday, driven down by the US currency’s surge in the international market.

The rupee began at 79.80 against the dollar on the interbank foreign exchange market, then slipped to 79.90, a loss of 12 paise from its previous close.

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The rupee gained 9 paise against the dollar on Monday, closing at 79.78.

Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, increased 0.08% to 109.62.

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The rupee opened at 79.80 as the dollar index eased slightly from the 110 level. Moreover, the euro and British pound moved up after a big fall due to Russian gas issues, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

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“The US dollar was well bid as the rupee fell to 79.90 before recovering to 79.85 levels,” Bhansali said, adding that the range is expected to be between 79.50 to 80.

The US dollar reached a 24-year high against the Japanese yen, as monetary policy tightening in the United States gathers momentum and deepens the gap between Japan’s persistently low-interest rates.

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The yen hit a low of 140.97 per dollar, its lowest level since 1998, and was last trading at 140.91 per dollar.

Brent crude futures fell 0.80% to USD 94.97 per barrel.

The Sensex was trading 12.49 points, or 0.02%, higher at 59,258.47, while the broader Nifty was up 7.80 points, or 0.04%, at 17,673.60.

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Delta Corp is the stock/security that has been placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Tuesday, September 6, 2022.

The foreign institutional investors (FIIs) sold shares worth a net Rs 811.75 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 533.77 crore in the Indian equity market on September 5, as per provisional data available on the NSE.