{"id":40606,"date":"2022-05-06T19:04:24","date_gmt":"2022-05-06T13:34:24","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ld-rupee-73\/"},"modified":"2022-05-06T19:04:24","modified_gmt":"2022-05-06T13:34:24","slug":"biz-ld-rupee-73","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ld-rupee-73\/","title":{"rendered":"Rupee plummets 55 paise to 76.90 per USD"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1724792813\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, May 6 (PTI) Snapping its four-day winning run, the rupee slumped 55 paise to close at 76.90 against the US dollar on Friday as heavy foreign fund outflows and hardening crude oil prices took a toll on sentiment.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1152842548\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Global sentiment was risk-averse on renewed concerns over growth and inflation, which hit most emerging market currencies, forex traders said.<\/p>\n<p> At the interbank foreign exchange market, the rupee opened lower at 76.61 against the greenback, and moved in a range of 76.56 and 76.96.<\/p>\n<p> It finally settled at 76.90, down 55 paise over its previous close of 76.35.<\/p><div class=\"trade-content_5\" id=\"trade-3555743880\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Global oil benchmark Brent crude futures advanced 2.31 per cent to USD 113.46 per barrel.<\/p>\n<p> The 30-share BSE Sensex plunged 866.65 points or 1.56 per cent to end at 54,835.58, while the broader NSE Nifty fell 271.40 points or 1.63 per cent to 16,411.25.<\/p>\n<p> &#8220;Rupee had a sweltering time today as it plunged around a percentage point following risk-off moods and surge in crude oil prices,&#8221; said Dilip Parmar, Research Analyst, HDFC Securities.<\/p>\n<p> The dollar index, which gauges the greenback&#8217;s strength against a basket of six currencies, touched a two-decade high of 104.06 before moderating to 103.29.<\/p>\n<p> Foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 5,517.08 crore, as per stock exchange data.<\/p>\n<p> On a weekly basis, the rupee depreciated by 40 paise against the American currency.<\/p><div class=\"trade-content-10\" id=\"trade-4179964603\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;High oil prices, US Dollar Index at 20 year high, US 10 year yield above 3 per cent and weak equity markets, the list of negatives for Rupee is pretty long.<\/p>\n<p> &#8220;However, we suspect aggressive intervention from the RBI is keeping USD-INR under 77,&#8221; said Anindya Banerjee, VP, Currency Derivatives &#038; Interest Rate Derivatives at Kotak Securities Ltd.<\/p>\n<p> According to Gaurang Somaiya, Forex &#038; Bullion Analyst, Motilal Oswal Financial Services, the rupee fell as the broad strength in the dollar continued to weigh on major crosses.<\/p>\n<p> &#8220;Earlier in the week the rupee rose after the RBI decided to raise rates by 40 bps and hiked CRR by 50 bps. But losses for the currency were restricted after the Federal Reserve too raised rates and maintained a hawkish stance,&#8221; Somaiya said.<\/p>\n<p> Somaiya further said &#8220;we expect the USD-INR (Spot) to trade sideways with a positive bias and quote in the range of 76.40 and 77.20.&#8221; \t &#8220;The Indian Rupee tumbled against the US Dollar on Friday and depreciated this week as risk appetite weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by the global central banks,&#8221; said Sriram Iyer, Senior Research Analyst at Reliance Securities.<\/p>\n<p> However, dollar sales by state-run banks, suspected on behalf of the central bank, capped further weakness, he added. PTI  DRR ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-420512918\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, May 6 (PTI) Snapping its four-day winning run, the rupee slumped 55 paise to close at 76.90 against the US dollar on Friday as heavy foreign fund outflows and hardening crude oil prices took a toll on sentiment. Global sentiment was risk-averse on renewed concerns over growth and inflation, which hit most emerging market [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1698,1795,31],"tags":[],"class_list":["post-40606","post","type-post","status-publish","format-standard","hentry","category-commodities","category-foreign-exchange-and-rupee-price","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rupee plummets 55 paise to 76.90 per USD - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ld-rupee-73\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rupee plummets 55 paise to 76.90 per USD\" \/>\n<meta property=\"og:description\" content=\"Mumbai, May 6 (PTI) Snapping its four-day winning run, the rupee slumped 55 paise to close at 76.90 against the US dollar on Friday as heavy foreign fund outflows and hardening crude oil prices took a toll on sentiment. 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