The rupee drops 36 paise to close at 79.61 against the US dollar

The rupee depreciated 36 paise to close at 79.61 (provisional) against the US dollar on Thursday amid rising crude oil prices.

In the interbank FX market, the local currency opened at 79.22 and saw an intraday high of 79.22 and a low of 79.69 against the US currency.

It eventually closed at 79.61, down 36 paise from its previous close of 79.25.

Forex traders said the rupiah is likely to trade on a mixed note in the near term. Recovery of domestic markets from lower levels and inflows of FII can support local unity.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.23% to 104.95, after official data showed that US inflation had slowed from a 40-year high in June to 8.5% in July on a decline. gasoline prices.

Traders said investors will now focus on key national macro data points such as the Industrial Production Index (IPI), Consumer Price Index (CPI) and Trade Balance figures expected. Friday for more information.

Brent futures, the global oil benchmark, rose 0.84% ​​to $98.22 a barrel.

On the domestic stock market front, the BSE Sensex ended up 515.31 points or 0.88% at 59,332.60 points, while the broader NSE Nifty was up 124.25 points or 0.71 % at 17,659.00 points.

Foreign institutional investors remained net buyers in the capital market on Wednesday as they bought shares worth Rs 1,061.88 crore, according to exchange data.