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Indian Rupee Closes At 82.44$, Raises Growth Concerns

Story Highlights
  • The Indian rupee closed a little at 82.44 against US dollar today.
  • The ruppe consolidated in a narrow range and settled 3 paise higher.
  • Global oil benchmark Brent crude futures rose 0.63%.

New Delhi: The Indian rupee closed a little at 82.44 against US dollar today. The ruppe consolidated in a narrow range and settled 3 paise higher, supported by positive domestic equities. At the interbank foreign exchange market, the local unit opened at 82.34 and touched an intra-day high and a low of 82.47 against greenback.

State-run banks were seen bidding for dollars on behalf of oil marketing companies through the session as crude slumped. Global oil benchmark Brent crude futures rose 0.63% to USD 77.66 per barrel. The RBI’s stance signals more rate hikes are on the cards too.

The rupee was sold heavily ahead of the Reserve Bank of India’s (RBI) decision on Wednesday, but found some stability after the central bank hiked rates and took a hawkish stance. Foreign Institutional Investors (FIIs) were net sellers in the capital markets yesterday as they offloaded shares worth Rs. 1241.87 crores.

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