July 27, 2024
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India rupee slips 6 paise in early trade

shital03 mins

India rupee slips 6 paise to 75.42 against US dollar in early trade:

At the interbank foreign exchange, the India rupee opened on a weak note at 75.41, then fell further to 75.42, registering a decline of 6 paise from the last close.

The Indian rupee depreciated 6 paise to 75.42 against the US dollar in opening trade on Tuesday, weighed down by the strengthening of the greenback in the overseas market and firm crude oil prices.

At the interbank foreign exchange, the rupee opened on a weak note at 75.41, then fell further to 75.42, registering a decline of 6 paise from the last close.

In initial deals, the  India rupee also touched a high of 75.32 against the American currency

On Monday, the rupee slid by 37 paise to close at a 15-month low of 75.36 against the US dollar on Monday.

Meanwhile, the dollar index, which gauges the greenback”s strength against a basket of six currencies, rose 0.03 percent to 94.34.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading down 0.06 percent at 93.71.
On the domestic equity market front, the BSE Sensex was trading 307.88 points or 0.52 percent lower at 59,359.72, while the broader NSE Nifty declined 83.10 points or 0.47 percent to 17,665.50.
Foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 1957.70 crore, as per exchange data.
Global oil benchmark Brent crude futures fell 1.32 percent to $78.05 per barrel.
“As the US yields rise, dollar index rises and so do oil prices,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
According to Bhansali, the rupee is expected to remain in the range of 73.90 to 74.40. “Quarter-end selling from IT companies and MSCI rebalancing should come as RBI endures to cap the volatility in the currency,” he noted.

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