TE24 Business Desk:
The rupee closed three paise against the US dollar on Wednesday after a strong dollar in overseas markets and losses in the domestic stock market, closing at a record low (temporary) of 79.62.
But forex traders have helped local businesses with crude oil prices, which have hovered around 100 a barrel.
In the interbank FX market, the local unit opened strongly against the greenback at 79.55, but failed to maintain profits and moved into negative territory.
The daily high was 79.53 and the low was 79.68. The dollar index, which measures the strength of the greenback against a basket of 6 currencies, rose 0.09 percent to 108.17.
In the domestic stock market, the BSE Sensex fell 372.46 points (0.69%) to close at 53,514.15, while the NSE Nifty fell 91.65 points (0.57%) to 15,966.65.
Meanwhile, Brent crude oil futures, the global oil benchmark, rose 1.21% to 100.69 a barrel. In the stock market on Tuesday, foreign institutional investors sold stocks worth 1,565.68 crore and continued net sales, according to stock market data.
June retail inflation eased slightly to 7.01%. This is mainly due to a slight decline in the prices of vegetables and lemons, which are above the comfort level of the Reserve Bank for the sixth consecutive month.
Based on inflation, the Consumer Price Index (CPI) was 7.04 percent in May 2021 and 6.26 percent in June.
