Rupee falls 24 paise against US dollar amid rising crude oil prices



The rupee weakened by 24 paise to end at 74.55 (provisional) against the on Tuesday as firmer American currency and rising prices weighed on investor sentiment.


At the interbank foreign exchange market, the rupee opened at 74.28 per dollar. It hovered in the range of 74.25 to 74.62 during the day before ending at 74.55 against the greenback.





On Monday, the rupee had settled at 74.31 against the


“The pared gains along with equities amid higher yields following overnight surge in prices after OPEC+ meeting ended without a deal to bring back more halted output next month,” said Dilip Parmar, Research Analyst, HDFC Securities.


Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 92.38.


“With the dollar index in consolidation mode ahead of tomorrow evening’s Federal Open Market Committee (FOMC) minutes and emerging market currencies taking cues from the commodity prices and in particularly and on performance of riskier assets,” Parmar said.


Spot USDINR is expected to consolidate in the broad range of 74 to 74.80 in coming days, Parmar noted.


On the domestic equity market front, the BSE Sensex ended 18.82 points or 0.04 per cent lower at 52,861.18, while the broader NSE Nifty fell 16.10 points or 0.1 per cent to 15,818.25.


Brent crude futures, the global oil benchmark, advanced 0.19 per cent to USD 77.31 per barrel.


Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 338.43 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!