Rupee falls 5 paise to 82.29 against U.S. dollar

The rupee after opening on a positive note, pared the gains and slipped 5 paise to 82.29 against the US dollar amid high volatility in early trade on October 14, 2022.

At the interbank foreign exchange, the domestic unit opened at 82.26 against the dollar, then touched 82.12, registering a gain of 12 paise over its previous close. In initial trade, the rupee also touched 82.29 against the American currency.

On October 13, 2022, the rupee had settled at 82.24 against the greenback.

“Dollar strengthened immediately post the CPI print but saw a massive reversal on short covering in majors,” IFA Global Research Academy said in a research note, adding the US headline September CPI came in higher than expected at 8.2% year-on-year (0.4% MoM) against 8.1 per cent yoy (0.2% month-on-month).

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08% to 112.27.

Brent crude futures, the global oil benchmark, fell 0.13% to $94.45 per barrel.

In the domestic equity market, the 30-share BSE Sensex jumped 972.8 points or 1.70% to 58,208.13, and the broader NSE Nifty advanced 273.80 points or 1.61% to 17,288.15.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 1,636.43 crore on Thursday, according to exchange data.