Rupee falls 10 paise to 77.60 against dollar

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Rupee falls 10 paise to 77.60 against dollar

Even as oil prices were lessened and domestic equities settled on a positive note, the rupee fell by 10 paise to close at 77.60 provisional against the US dollar on Thursday.

The rupee was consolidated in a narrow range on the foreign exchange market. It opened lower against the dollar at 77.61 and settled at 77.60, down 10 paise over its previous close.

The rupee touched an intra-day low of 77.63 and a high of 77.54 during the session.

The rupee had recovered from its record low on Wednesday to close 21 paise higher at 77.50.

The dollar index, which gauges the strength of the dollar against a basket of six currencies, was trading 0.25 per cent lower at 102.24.

Global oil benchmark Brent crude futures fell 2.27 per cent to USD 113.65 per barrel.

The pound was in a narrow range and volatility remained low despite marginal gains in domestic equities. The dollar went up against its major crosses after manufacturing PMI came in better than forecast, said Motilal Oswal Financial Services' Forex Bullion Analyst, Gaurang Somaiya.

Somaiya said that they expect the USD-INR to trade sideways and quote in the range of 77.20 and 77.80. The 30 share BSE Sensex ended 436.94 points or 0.79 per cent higher on the domestic equity market front, at 55,818. The NSE Nifty grew by 105.25 points or 0.64 per cent to 16,628, while the broader NSE Nifty gained 105.25 points or 0.64 per cent. Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 1,930. 16 crore, according to the stock exchange data.