Rupee falls 28 paise to close at 88.13 against USD

The rupee depreciated 28 paise to close at 88.13 (provisional) against the US dollar on Thursday, on hawkish Fed and a bounce back in the US dollar.
At the interbank foreign exchange, the rupee opened at 87.93 against the US dollar and touched an intra-day low of 88.16 before ending the session at 88.13 (provisional), down 28 paise from its previous close. On Wednesday, the rupee appreciated 24 paise to close at 87.85 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02% to 96.89.
Brent crude, the global oil benchmark, was trading 0.43% lower at USD 67.66 per barrel in futures trade. On the domestic equity market front, the Sensex jumped 320.25 points to settle at 83,013.96, while the Nifty rose 93.35 points to 25,423.60.
Foreign Institutional Investors sold equities worth Rs 1,124.54 crore on a net basis on Wednesday, according to exchange data.
Meanwhile, Union Commerce Minister Piyush Goyal on Wednesday expressed confidence that India’s exports would grow around 6% this year compared to the corresponding period in 2024. Underscoring the country’s strong performance in global trade despite challenges, the minister said discussions on free trade agreements (FTAs) were advancing with several countries.
“India’s exports would grow around 6 per cent this year compared to the corresponding period last year. I believe we will end the year on a positive note,” Goyal said, adding that discussions on free trade agreements (FTAs) were advancing with several countries.