Rupee ends at 78.33 against US dollar, Brent crude gains

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Rupee ends at 78.33 against US dollar, Brent crude gains

The rupee fell 1 paisa to close at its all-time low of 78.33 provisional against the US dollar on Friday.

The local currency was at 78.20 and settled at its all-time low of 78.33, down 1 paisa from its previous close, on the interbank foreign exchange market.

The local unit saw an intra-day high of 78.19 and a low of 78.35 against the American currency during the day.

The rupee had settled at 78.32 against the US dollar on Thursday.

The dollar index, which measures the strength of the dollar against a basket of six currencies, fell 0.25 per cent to 104.17.

Brent crude futures, the global oil benchmark, went up 1.13 per cent to $111.29 per barrel.

On the domestic equity market front, the BSE Sensex ended up 462.26 points or 0.88 per cent higher at 52,727. 98, while the NSE Nifty gained 142.60 points or 0.92 per cent to 15,699. Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,319. As per stock exchange data, 06 crore were reported.

On Friday, Reserve Bank Deputy Governor Michael D Patra said that the Central Bank will not allow jerky movements of the rupee, and stressed that the Indian currency has witnessed the least depreciation in recent times.

We will stand for its stability, and we're doing it on an ongoing basis, even as I speak. We will not allow disorderly movements. We have no level in our mind but we will not allow jerky movements that are for certain and let it be widely known that we are in the market defending the rupee against volatility, he said.

Patra said that the power of $600 billion dollar reserves is one of the least in the world when one looks at the depreciation of the rupee.