Oil Drop Pushes Indian Rupee Up to 79.99 per Dollar

Published July 21st, 2022 - 06:38 GMT
Oil Drop Pushes Indian Rupee Up to 79.99 per Dollar
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The Indian rupee was held below the 80-per-dollar mark on Wednesday aided by the central bank's dollar-selling intervention, while gains in the domestic share market and a fall in global crude oil prices also helped.

India's partially convertible rupee ended trading at 79.99 per dollar, weaker compared to its close of 79.94 on Tuesday, when it had hit a record low of 80.0650.

The rupee traded in a range of 79.89 to 80.05 in the day trade. It finally settled at the day's low level of 80.05, showing a loss of 13 paise over the previous close.

The Reserve Bank of India has been aggressively intervening in the market to prevent runaway depreciation in the currency in recent weeks. 


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