Rupee falls 10 paise to 77.78 Against US dollar in Early Trade

Story Highlights
  • Rupee falls by 10 paise in early trade.
  • Stood at 77.78 against the American Dollar.
  • The fall came amidst surging crude oil prices.

The Rupee plunged by 10paise against the Dollar in the opening trade on Thursday amidst the rising crude oil prices and persistent foreign capital outflows weighed on investor sentiments.

The partially convertible rupee was trading at 77.78 against 1 Dollar. It touched its lowest of 77.7975 on May 17 and rose slightly later on. On Wednesday, the rupee recovered to close 10 paise higher at 77.68.

Global oil benchmark Brent crude futures rose 0.26 per cent to USD 123.90 per barrel.

The plunge came a day after the RBI raised the key interest rate by 50 basis points, the second increase in five weeks to rein in the rise in prices that saw it continuing to hurt consumers in the near term. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01 per cent lower at 102.52.

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