Rupee rises sharply to around 79.15 per dollar
The rupee rose sharply on Tuesday as the dollar was on its longest losing streak in over a year and global stocks were predicted to show a easing of price pressure for the fifth straight day ahead of key US inflation data.
The rupee strengthened by 37 paise to temporarily close at 79.16 against the US dollar, PTI reported.
Bloomberg showed that the rupee was last turning at 79.1475, having opened sharply stronger at 79.3200 against Monday’s 79.5313.
Dilip Parmar, Research Analyst, HDFC Securities, said, “The Indian rupee posted its biggest one-day gain since July 27 amid prolonged dollar volatility and risk-on sentiment. Dollar inflows from overseas institutions and corporates helped also supported Rs. told PTI.
The dollar index, which tracks the greenback’s performance against a basket of six major currencies, fell 0.40 per cent to 107.89.
What is helping the rupee is the recent fall in oil prices, as the country imports more than three-fourths of its needs.
Crude oil prices have fallen 30 percent since mid-June and have returned to levels not seen since Russia’s invasion of Ukraine.