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The rupee depreciates to 82.88 against the dollar


The rupee fell 10 paise from its previous close at 82.88 on Thursday amid a rising greenback and an easing in global crude oil benchmarks.

The rupee fell 10 paise from its previous close at 82.88 against the dollar on Thursday amid greenback strength after the Fed announced a 75 basis point hike in benchmark interest rates as widely expected. However, the fall in global crude oil benchmarks kept losses in check.

The dollar index – which measures the US currency against the yen, pound, Canadian dollar, Swedish krona, Swiss franc and euro – traded up 0.5% to 111 .8 at last count.

Crude oil prices fell on Thursday following the Fed’s hawkish stance. However, supply problems helped contain the decline. Brent crude futures fell 0.5% to $95.6 a barrel at the latest count. WTI futures last traded down 0.6% at $89.5 a barrel.

“So far, the Rupee is trading a little stronger from its all-time low, helped by the recovery in FII inflows which brought in around 11,000 crore in just two November sessions as sentiment s “were improved. Well, whether the same continues will depend on how RBI maintains its policy amid an aggressive Fed,” said Amit Pabari, Managing Director of CR Forex.

“Today, we might see that the RBI might intervene in the spot market to control volatility. Overall, we expect USDINR to trade higher in the range of 82.00 to 83.20 and a breakout on either side will determine what’s next,” he said.

India’s BSE Sensex and NSE Nifty50 stock indices traded in the red on Thursday as the Fed spooked global markets.

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