Rupee Gains, But Still Ends Current Fiscal Year With Over 3.5% Loss

Rupee surges to end at 75.76 per dollar; still logs over 3.5% loss in FY22

The energy-sensitive rupee gained to 75.67 against the dollar, tracking a sharp fall in oil prices, but ended the 2021-22 fiscal year with over a 3.5 per cent loss.

Tracking a steep fall in global oil prices, the rupee gained a touch to close out the FY22 at 75.67 per dollar, but that marks a loss of 264 paise or 3.61 per cent, according to PTI.

Reuters quoted the rupee last at 75.70 against the greenback.

While domestic equity benchmarks finished lower on Thursday, halting three straight sessions of gains in volatile trading, the rupee gained a touch to close at 75.67 versus the dollar from 75.90 on Wednesday.

At the interbank forex market, the rupee opened at 75.67 and ranged between a high of 75.66 and a low of 75.83. 

That was driven mainly by benchmark Brent crude futures falling sharply by over 6 per cent to last trade at $106.8 per barrel.

What also increased the rupee’s appeal is the statement from the International Monetary Fund that India has received a record number of foreign direct investments during the last few years despite the COVID-19 crisis and has quite a few safeguards in place to mitigate the risks from capital flows.

The Reserve Bank of India’s over $600 billion forex reserves is one of those safeguards. 

The latest stock exchange data showed foreign institutional investors (FIIs) remained net buyers in the capital market on Wednesday as they purchased shares worth ₹ 1,357.47 crores.

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