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Rupee edges higher to 77.66 vs dollar but not far from record low

CNBCTV18 logo CNBCTV18 23-05-2022 Asmita Pant

The rupee edged higher to 77.66 against the US dollar on Monday, boosted by strength in equities and weakness in the greenback overseas. However, sustained foreign fund outflows and rising crude oil prices limited the upside.

The rupee moved within a range of 77.66-77.69 during the session after starting the week at the weakest level of that range. It is only inches away from its lowest level hit last week.

The dollar index — which measures the greenback against six peers — fell 0.4 percent to 102.7 on Monday.

Rahul Kalantri, VP Commodities at Mehta Equities, expects the rupee to remain volatile this week.

"The currency could test the 78.10 level. We suggest fresh buying in the (USD-INR) pair on dips around 77.35 on a daily closing basis for a target of 77.85-78.10 with a stop loss at 77.20," he said.

Global oil prices rose supported by higher US demand, tight supply and weakness in the dollar. Brent futures were up by 74 cents at $110.7 a barrel at the last count. US West Texas Intermediate (WTI) futures were up by 66 cents at $110.9 a barrel.

The government on Saturday announced a record Rs 8 per litre cut in excise duty on petrol and Rs 6 per litre reduction on diesel.

The dollar index may remain volatile this week though managing to hold on to support at 102.55, said Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart.

FIIs continue to be net sellers of Indian shares, having pulled out more than Rs 35,000 crore so far this month. They have so far this year net sold Indian shares worth Rs 1.63 lakh crore.

On Friday, the rupee had settled at a record 77.70 against the American currency.

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