Rupee depreciates 3 paise to Rs 72.56 against US dollar in early trade

The rupee depreciated by 3 paise to 72.56 against the US dollar in opening trade on Friday, as muted opening in domestic equities weighed on investor sentiment.

However, consistent foreign fund inflows and a weak dollar overseas supported the rupee, forex dealer said.

At the interbank forex market, the local unit opened lower at 72.57 against the US dollar, then recovered some ground to quote at 72.56, a decline of 3 paise over its previous close.

On Thursday, the rupee had settled at 72.53 against the American

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 243.44 points lower at 48,973.08, and the broader NSE Nifty fell 74.30 points to 14,483.55 in early deals.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.05 per cent to 91.81.

The global oil benchmark Brent crude was trading 0.32 per cent higher at USD 63.48 per barrel.

Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth Rs 1,258.47 crore, as per exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Free Course

"Double Your Traffic in 30 days" + Secret Bonus

valued at $299

This amazing course will teach you, step by step, how to double if not triple your traffic over the next 30 days.

100% Privacy. We will never spam you!