The rupee drops to 79.75 against the dollar

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The rupee drops to 79.75 against the dollar
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By Asmita pants August 19, 2022, 2:11 PM IST (Released)

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The rupee fell eight paise to hit 79.75 against the US dollar on Friday amid dollar strength. Cooling oil prices, however, provided support.

The rupee fell eight paise to hit 79.75 against the US dollar on Friday amid dollar strength. Cooling oil prices, however, provided support.

The dollar index – which measures the US dollar against a basket of currencies – rose 0.2%.

Crude oil prices fell on Friday amid fears of recession and a possible OPEC+ production increase.

Brent crude futures fell 3.7% to $93.1 a barrel and West Texas Intermediate (WTI) futures fell 0.9% to $89.7 a barrel.

Indian equity benchmarks opened in the red, largely reflecting negative signals from global markets.

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