Today On 14 May 2022 – Rupee Improves By One Paise Against Us Dollar, Stands At 77.49

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The rupee on Friday lost its early gains on inflation concerns and a firming US currency and settled just one paise higher at 77.49 (provisional) against the US dollar. 

Forex traders said weakness in other regional currencies and disappointing economic data weighed on the rupee. The rupee remained in a narrow range in the day’s trade. 

During this, the intervention of the Reserve Bank of India (RBI) helped a little in stopping the fall of the rupee. 

The rupee opened at 77.35 against the dollar in the inter-bank foreign exchange market and was in a range of 77.26 to 77.49 in the day’s trade. The rupee closed at 77.49 at the end of trading, showing an increase of just one paise over the previous closing price. 

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The rupee on Thursday had closed at a record low of 77.50, down 25 paise against the US dollar. The rupee depreciated by 57 paise on a weekly basis on firming dollar index and selling by foreign funds. 

Dilip Parmar, Research Analyst, HDFC Securities said, “Among all the factors, the liquidity factor is essentially the most important in the recent market. Market participants are looking for safe havens.”

Parmar said weakness in regional currencies and disappointing economic data weighed on the local currency, while RBI intervention limited the losses. 

Retail inflation rose to an all-time high of 7.79 per cent in April, driven by food inflation. Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, fell 0.05 per cent to 104.79. 

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Foreign institutional investors sold shares worth Rs 5,255.75 crore on Thursday, according to stock market data. Global oil standard Brent crude futures rose 1.56 percent to $ 109.13 per barrel.

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