Rupee falls 2 paise against dollar to close at 77.57

The Indian rupee on Thursday declined  2 paise to 77.57  against the US dollar, as rising petroleum prices and persistent foreign capital outflows dampened market sentiment.

The rupee opened at 77.54 against the dollar on the interbank foreign exchange market, with a low of 77.65 and a high of 77.52. It eventually finished at 77.57, a 2 paise decrease from its previous close of 77.55.

The dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.23 percent at 101.83. Brent crude futures increased 0.81 percent to USD114.95 per barrel.

ON the Indian market front, the 30-share BSE Sensex finished 503.27 points higher at 54,252.53, up 0.94 percent, while the wider NSE Nifty climbed 144.35 points to 16,170.15. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs 1,803.06 crore.

According to Moody's Global Macro Outlook 2022-23, the High-frequency data suggest that the growth momentum from the December quarter 2021 carried over into the first four months of this year.

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