MUMBAI, Jul. 6 2023 (TBINN)
Witnessing the biggest single-day loss in five months, the rupee nosedived by 35 paise to close at 82.60 against the U.S. Dollar today, weighed down by a stronger American currency in the overseas market.
According to traders, robust buying in domestic equities by foreign investors and negative trend in the crude price failed to support the Indian unit even as participants remained bullish on the Greenback due to risk-aversion and rising expectations of hawkish monetary policy by the U.S. Federal Reserve.
At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar and settled at 82.60, down 35 paise from its previous close.
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