Advertisement
Saturday, Oct 23, 2021
Outlook.com
Outlook.com

Rupee Falls 12 Paise To 74.61 Against US Dollar In Early Trade

At the interbank foreign exchange, the rupee opened at 74.57 against the dollar, then fell further to 74.61, registering a fall of 12 paise over its previous close.

Rupee Falls 12 Paise To 74.61 Against US Dollar In Early Trade
On Tuesday, the rupee had settled at 74.49 against the US dollar. | Representational Image
Rupee Falls 12 Paise To 74.61 Against US Dollar In Early Trade
outlookindia.com
2021-07-14T11:04:38+05:30

The Indian rupee depreciated 12 paise to 74.61 against the US dollar in opening trade on Wednesday as firm American currency and weak domestic equities weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened at 74.57 against the dollar, then fell further to 74.61, registering a fall of 12 paise over its previous close.

On Tuesday, the rupee had settled at 74.49 against the US dollar.

"The Indian rupee opened weak this Wednesday tracking the broad strength of the dollar as a rise in US inflation will spur bets of a faster monetary policy tightening than previously estimated," Reliance Securities said in a research note.

Meanwhile, oil prices continued its upward trajectory, while coronavirus infections are surging in some parts of the world, which could also weigh on sentiments if outbreaks become more pronounced, the note added.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading down 0.02 per cent at 92.72.

Global oil benchmark Brent crude futures fell 0.31 per cent to USD 76.25 per barrel.

On the domestic equity market front, BSE Sensex was trading 85.36 points or 0.16 per cent lower at 52,684.37, while the broader NSE Nifty declined 25.55 points or 0.16 per cent to 15,786.80.

Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 113.83 crore, as per exchange data.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Global Hunger Index Might Not Be Flawless But India Still Needs To Take It As Warning

Global Hunger Index Might Not Be Flawless But India Still Needs To Take It As Warning

The Centre has reacted angrily at the new Global Hunger Index, but experts say it should plug loopholes in the food delivery system.

Didi's 2-Day Goa Trip Not A 'Vacation' As TMC Pitches For 'Gonychi Navi Sakal'

Didi's 2-Day Goa Trip Not A 'Vacation' As TMC Pitches For 'Gonychi Navi Sakal'

West Bengal Chief Minister Mamata Banerjee's visit comes as the TMC appoints former Goa chief minister Luizinho Faleiro as a national vice president.

No Pressure From BCCI: Ganguly On Kohli's Resignation

No Pressure From BCCI: Ganguly On Kohli's Resignation

Ganguly said that Kohli's decision to step down from T20 captaincy after the World Cup was his 'own decision'.

100 Crore Shots: How Modi Govt Scored Its Vaccination Goal In 280 Days

100 Crore Shots: How Modi Govt Scored Its Vaccination Goal In 280 Days

Prime Minister Narendra Modi described the feat as 'a journey from anxiety to assurance' that has made India stronger.

Advertisement