Marketmen said that apart from this, softening crude oil prices also supported the rupee.
The rupee opened at 82.74 at the Interbank Foreign Exchange market and ended at 82.47 against the dollar, up three paise, at the close of trade. The rupee touched a high of 82.40 and a low of 82.75 during the day.
In the previous trading session, the rupee had closed at 82.50 per dollar.
Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said, “As expected, the Reserve Bank has increased the repo rate by another 0.35 percent. It has also reduced the Gross Domestic Product (GDP) forecast for the financial year 2022-23 from 7 per cent to 6.8 per cent.
Meanwhile, the dollar index, which reflects the strength of the dollar against six major world currencies, rose 1.10 per cent to 105.68.
Global oil benchmark Brent crude futures declined 1.79 per cent to USD 77.93 per barrel.
BSE’s 30-share Sensex closed 215.68 points down at 62,410.68 points.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they net sold shares worth Rs 635.35 crore on Tuesday, according to stock market data.
Source: navbharattimes.indiatimes.com
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