Mumbai, Aug 18 (The South India Times): The Indian rupee depreciated nearly 23 paise to close at 79.67 against the US dollar following a sell-off in global assets which was followed by domestic equities and corporate outflows, dealers said. At the Interbank foreign exchange market, the rupee ended at 79.67, as against the 79.44 close of the previous trading session against the US dollar.
“It was largely range bound within the range of 79.58 to 79.70. Overall demand was thereby importers and corporate outflows,” said CR Forex, MD, Amit Pabari. By the closing of market trading hours, Brent crude oil prices were trading at $94.83 a barrel in the international market.
The minutes of the Fed’s July policy showed Fed officials find it appropriate to slow the pace of rate hikes at some point. While most members backed a 75 bps rate hike in July, they expressed concerns on overtightening. Additionally, Fed members emphasized the need to gauge the impact of earlier rate hikes on inflation and economic activity.
However, the minutes did not give a clear insight into the quantum of a rate hike at September/upcoming meetings, the market revised its rate hike expectations for the September meeting. Meanwhile, Sensex ended 37.87 points or 0.06 percent up at 60,298.00, and Nifty ended 12.25 points or 0.07 percent higher at 17,956.50 on Thursday.
