Advertisement
Sunday, Oct 17, 2021
Outlook.com
Outlook.com

Rupee Inches 9 Paise Higher To 72.70 Against US Dollar In Early Trade

On Friday, the rupee had settled at 72.79 against the American currency.

Rupee Inches 9 Paise Higher To 72.70 Against US Dollar In Early Trade
| Representational Image
Rupee Inches 9 Paise Higher To 72.70 Against US Dollar In Early Trade
outlookindia.com
2021-03-15T10:40:23+05:30

The Indian rupee inched 9 paise higher to 72.20 against the US dollar on Monday, tracking the weakness of the American currency in the overseas market, amid a lacklustre trend in the domestic equity market.

At the interbank forex market, the local unit opened at 72.71 against the US dollar, then inched higher to 72.70 against the greenback, registering a rise of 9 paise over its previous close.

On Friday, the rupee had settled at 72.79 against the American currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.01 per cent to 91.66.

The Indian rupee started on a flat note against the US dollar as weak domestic data was offset by the weakness of the US dollar and lower bond yields, Reliance Securities said in a research note.

Meanwhile, the Asian currencies were weak this morning and can cap the appreciation bias, the note added.

In a double whammy for the economy, industrial production growth re-entered the negative territory by contracting by 1.6 per cent in January, while retail inflation soared to a three-month high of 5.03 per cent in February on costlier food items.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 592.12 points lower at 50,199.96, and the broader NSE Nifty declined 170.40 points to 14,860.55.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 942.60 crore on Friday, according to exchange data.

Brent crude futures, the global oil benchmark, advanced 0.79 per cent to USD 69.77 per barrel.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Two Vendors From UP, Bihar Shot Dead By Militants In J&K

Two Vendors From UP, Bihar Shot Dead By Militants In J&K

Police claim 13 terrorists have been killed in Jammu and Kashmir in nine encounters over the last nine days.

In Ongoing Poonch Encounter, Bodies Of Two Missing Soldiers Recovered, Toll Rises To Nine

In Ongoing Poonch Encounter, Bodies Of Two Missing Soldiers Recovered, Toll Rises To Nine

According to the Army, the bodies of a jawan and the JCO were recovered during the search operation on October 16.

SAFF 2021: Chhetri Equals Messi Feat As India Thrash Nepal To Win 8th Title

SAFF 2021: Chhetri Equals Messi Feat As India Thrash Nepal To Win 8th Title

India crushed Nepal 3-0 to win their 8th SAFF title, thanks to goals from Sunil Chhetri, Suresh Wangjam and Sahal Abdul Samad.

Kerala: Six Dead, 12 Missing As Heavy Rains Cause Flash Floods And Landslides

Kerala: Six Dead, 12 Missing As Heavy Rains Cause Flash Floods And Landslides

Several people have been injured and displaced. Dams in many districts are nearing full capacity. Small towns and villages in the hilly areas are totally cut off.

Advertisement