Rupee Rate: Rupee slumps 31 paise to close at 76.15 against the US dollar

At the interbank foreign exchange market, the rupee opened at 76.08 against the American currency, then lost further ground to settle at 76.15, down 31 paise from the previous close.

On Thursday, the rupee spurted by 37 paise to close at 75.84 against the US dollar.

The forex market was closed on Friday on account of Holi.

“The dollar is in rally mode as markets expect an even more hawkish Federal Reserve moving forward. Weakness in domestic equities and higher crude oil prices also weighed on the local unit,” said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said that there are a handful of economic events this week and the focus will remain Ukraine-Russia peace talks, which will drive risk sentiments and crude oil prices.

“Spot USD/INR is having strong support at 75.70 and resistance at 76.45,” Parmar noted.

Amid intensifying Russia-Ukraine conflict, investors assessed diplomatic efforts to negotiate an end to the war.

The US Dollar has bounced back from recent declines after Federal Reserve officials said the central bank may need to be more aggressive to deal with inflation.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent lower at 98.20.

Global oil benchmark Brent crude futures jumped 3.47 per cent to USD 111.68 per barrel.

On the domestic equity market front, the 30-share Sensex ended 571.44 points or 0.99 per cent lower at 57,292.49, while the broader NSE Nifty fell 169.45 points or 0.98 per cent to 17,117.60.

Foreign institutional investors remained net buyers in the capital market on Thursday, as they purchased shares worth Rs 2,800.14 crore, according to stock exchange data.