Rupee Gains Slightly at the Year-End Trade

Story Highlights
  • Rupee rises slightly against US Dollar on the last trading day.
  • The Rupee closes at 82.71 against one Dollar.
  • Dollar index rose by 8 percent ever since 2015

MUMBAI: The Indian Rupee rose slightly 12 percent towards the end of 2022 closing at 82.71 against the US Dollar on Friday.

On the last interbank foreign exchange trading day of the year, the domestic unit opened at 82.77 against the dollar, then gained further ground to touch 82.71, registering a rise of 16 paise over its previous close.

The domestic currency has fallen dramatically ever since the Russia-Ukraine war began in February. It plunged from 74 prior crises to record lows of 83 per dollar, a level never seen before.

On Thursday, the rupee consolidated in a narrow range and settled 7 paise lower at 82.87 against the US dollar.

2022 has been a turbulent year for the economic market marked by the war by Russia that it apparently calls a special military operation despite the humungous loss of lives, near decade-high global inflation, and resultant aggressive tightening by major central banks worldwide.

Overall, the US Dollar index rose by over 8 percent from 2015. To combat the inflation, the Fed rates by a total of 425 basis points since March were also hiked. Brent crude futures, the global oil benchmark, declined 0.13 percent to USD 83.35 per barrel.

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