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    Rupee sinks below 79 against US dollar for first time

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    Rupee sinks below 79 against US dollar for first time

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    The rupee touched 79 for the first time against the US dollar on Friday, amid weakness in domestic equities as greenback held its ground overseas. Rising oil benchmarks yielded pressure on the domestic currency.

    The rupee hit the 79 mark against the US dollar for the first time ever on Friday, amid weakness in domestic equities amid a strengthening greenback overseas and rising oil prices.
    It settled at 79.05 against the US currency.
    Global oil prices edged higher on Friday after OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy.
    Brent futures rose as much as 3.9 percent to $113.2 a barrel and West Texas Intermediate (WTI) futures followed suit, climbing one percent to $106.72 a barrel.
    The dollar index – which gauges strength in the greenback against six other currencies – was slightly up at 104.7.
    Ananth Narayan, Professor, SPJIMR said: “The RBI would want the rupee to adjust a little bit to what the flows look like, not stand in the way of flows. Yes, douse the volatility, don't let there be a panic in the market.”
    "Every single Asian currency is falling and therefore allow the rupee adjust... I would think that's the right approach this at this point in time,” he said.
    Domestic equity benchmarks BSE Sensex and NSE Nifty50 fell in a choppy session on Friday, amid sustained selling by foreign portfolio investors (FPIs).
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