The Reserve Bank of India on Wednesday kept borrowing costs at record-low for the ninth time in a row
The rupee on Thursday closed 3 paise lower at 75.53 (provisional) against the US dollar, tracking a firmer US currency amid concerns over the impact of the US dollar. new covid version on the economy.
Besides, sustained outflow of foreign funds also weighed on investor sentiment, traders said.
In the interbank forex market, the local currency opened at 75.45 against the greenback. The local unit soon cut its opening gains and touched a low of 75.58 against the US Dollar.
The rupee finally closed at 75.53, down 3 paise from its previous close.
On Wednesday, the Indian rupee fell to a two-month low of 75.50 against the US dollar as the RBI’s bi-monthly monetary policy decision failed to enthuse forex market participants.
The Reserve Bank of India on Wednesday kept borrowing costs at a record-low level for the ninth time in a row, as it decided to continue supporting economic growth amid uncertainty over the impact of Omicron stress on the economy.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.20% higher at 96.08.
Global oil benchmark Brent crude futures fell 0.46% to $75.47 a barrel.
On the domestic equity market front, the BSE Sensex closed 157.45 points or 0.27% higher at 58,807.13, while the broader NSE Nifty ended 47.10 points or 0.27% higher at 17,516.85.
Foreign institutional investors were net sellers in the capital markets on Wednesday as they sold shares worth Rs 579.27 crore, according to exchange data.
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