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The rupee declined by 8 paise to close at 73.42 (provisional) against the US currency on Wednesday amid risk aversion in the global markets and surge in crude oil prices.
At the interbank forex market, the local unit opened lower at 73.51 against the greenback and traded in the range of 73.39 to 73.51 during the day. The rupee finally ended at 73.42 against the American currency, registering a fall of 8 paise over its previous closing of 73.34. Meanwhile, the dollar index, which gauges the greenback s strength against a basket of six currencies, rose 0.14 % to 90.26. Indian Rupee depreciated amid risk aversion in the global markets and surge in crude oil prices. Market sentiments are hurt as investors are worried over rising inflationary pressure in the US and escalating geopolitical tension between Israeli and Palestinians, said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.
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Rupee Surges 22 Paise To Rs 74.44 Against US Dollar In Early Trade
Forex traders said the appreciation in the local unit could be restricted amid a sharp rise coronavirus infections and fatalities in the country and as investors await the US Federal Reserve’s monetary policy outcome.
PTI 28 April 2021 File photo PTI 2021-04-28T10:45:59+05:30 Rupee Surges 22 Paise To Rs 74.44 Against US Dollar In Early Trade outlookindia.com 2021-04-28T10:46:48+05:30
The Indian rupee advanced by 22 paise to 74.44 against the US dollar in opening trade on Wednesday, as a positive trend in equity markets lifted investor sentiment.
Forex traders said the appreciation in the local unit could be restricted amid a sharp rise coronavirus infections and fatalities in the country and as investors await the US Federal Reserve’s monetary policy outcome.
File photo for representation.
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REUTERS The Indian rupee slumped 12 paise to 75.06 against the US dollar in opening trade on Friday as muted domestic equities and concerns over rising COVID-19 cases kept investors on edge. Besides, foreign fund outflows also weighed on investors sentiment, forex traders said. At the interbank foreign exchange, the domestic unit opened lower at 75.02 against the dollar, and lost further ground and touched 75.06, registering a fall of 12 paise over its previous close. On Thursday, rupee had closed at 74.94 against the US dollar. With a record single-day rise of 3,32,730 new coronavirus infections, India s total tally of COVID-19 cases climbed to 1,62,63,695, while active cases crossed the 24-lakh mark, according to the Union Health Ministry data updated on Friday.
Traders said the local unit ended in the red. The rupee pared its initial gains to close marginally down by 1 paisa at 74.88 against the U.S. dollar on Tuesday due to worries that the alarming surge in COVID-19 cases could derail the economic recovery in the country. At the interbank forex market, the domestic unit opened at 74.65 against the U.S. dollar, but lost ground to close at 74.88 against the US dollar. During the session, the local unit witnessed an intra-day high of 74.64 and a low of 74.98 against the greenback. Meanwhile, the dollar index, which gauges the greenback s strength against a basket of six currencies, fell 0.04 % to 91.03.
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