Rupee slips for 5th straight session, down 15 paise at 74.73 against USD



The fell for the fifth straight session and settled 15 paise down at 74.73 (provisional) against the US dollar on Friday as rising COVID-19 cases, weak domestic equities and strengthening American currency weighed on investors’ sentiment.


At the interbank forex market, the local unit opened at 74.75 against the greenback and traded in the range of 74.53 to 74.96 during the day.



The finally ended at 74.73 against the American currency, registering a fall of 15 paise over its previous close. On Thursday, the had settled at 74.58 against the American currency.


This is the fifth straight session of loss for the domestic unit, during which it has seen depreciation of 161 paise.


“Rupee traded weak yet again as the weak trend continues on the back of government spending on vaccines and treatment of COVID-19 increasing numbers,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.


Trivedi further noted that “74.75 is now maintained as resistance for the rupee. Going ahead 74.75 – 75.25 range can be seen with the weak trend for rupee”.


India registered a record single-day spike of 1,31,968 new COVID-19 cases on Friday, pushing its infection tally to 1,30,60,542, while the death toll increased to1,67,642with 780 more fatalities in a day, highest since October 18, the Union Health Ministry data showed.


Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.25 per cent to 92.29.


Brent crude futures, the global oil benchmark, was trading 0.30 per cent down at USD 63.01 per barrel.


On the domestic equity market front, the BSE Sensex ended 154.89 points or 0.31 per cent lower at 49,591.32, while the broader NSE Nifty declined by 38.95 points or 0.26 per cent to 14,834.85.


Foreign institutional investors were net buyers in the capital market and purchased shares worth 110.85 crore on Thursday, according to 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!