New Delhi, July 28 (HS): Today, the Indian rupee closed lower at 86.66 against the dollar, a decline of 13 paise attributed to significant selling by foreign institutional investors in the stock market. The rupee initially showed strength, starting trading at 86.47 and briefly strengthening to 86.40 due to increased dollar inflows. However, heavy selling by foreign investors led to dollar outflows, raising dollar demand and pressuring the rupee down to 86.67. Later, some dollar inflows allowed for a slight recovery, ending the day at 86.66.

Rajeev Dutta, CEO of Capex Gold and Investments, noted that the withdrawal of foreign funds and global market turmoil contributed to the rupee’s decline, alongside rising crude oil prices impacting market sentiments. Despite the weakness against the dollar, the rupee strengthened against other major currencies, rising 22 paise against the British pound to 116.24 and gaining 41 paise against the euro to 101.11.

Hindusthan Samachar / Jun Sarkar