Tracking a strong greenback overseas and subdued domestic equities, the rupee depreciated by 22 paise to close at a new lifetime low of 79.48 against the US dollar in recent times. Forex traders claimed that receding crude oil prices in the international market restricted the rupee’s loss.
The local unit opened weak at 79.30 against the greenback and viewed an intra-day high of 79.24 and a low of 79.49 at the interbank forex market. Over its earlier close of 79.26, it ultimately settled at 79.48, down22 paise. The dollar index advanced 0.56% to 107.60.
As Foreign institutional investors sold shares worth Rs 109.31 crore, they were not sellers in the capital market. Amid constant appreciation of the dollar and rising interest rates in the US, Foreign investors have pulled out over Rs 4,000 crores in July.