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Rupee weakens to 77.74 against US dollar

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Rupee weakens to 77.74 against US dollar

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The rupee fell by as much as 16 paise against the dollar during Thursday's session.

Rupee weakens to 77.74 against US dollar
The rupee slid to as low as 77.74 against the US dollar on Thursday, weighed down by a market-wide sell-off in equities and sustained foreign fund outflows. It began the day lower at 77.72 against the greenback, declining by 14 paise compared with its previous close.
The dollar index — which gauges the greenback against six peers — was down 0.2 percent at 103.7 at the last count as US Treasury yields rose amid concerns about aggressive hikes in pandemic-era interest rates. 
Crude oil rates moved higher as concerns over tight supply outweighed concerns over slowing economic growth. Brent futures rose by $1.7 to $110.8 a barrel. WTI futures moved higher by $1.3 to $108.3 a barrel.
Amit Pabari, Managing Director at CR Forex Advisors, expects major overnight losses on Wall Street to add pressure on the rupee.
"On the flows side, where FIIs are busy selling in the secondary market, FDI flows could help to set off the dollar outflow," said Pabari, who sees the rupee moving within a range of 77.30-78.50 in the short term.
On Wednesday, the rupee had hit a record closing low of 77.61 against the American currency.
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