Advertisement
Tuesday, Nov 30, 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

How Parag Agrawal Obsessively Focused On Controlling Hate Speech As Twitter CTO

How Parag Agrawal Obsessively Focused On Controlling Hate Speech As Twitter CTO

After taking over as CTO of Twitter, Parag Agrawal’s main focus was on using AI and ML to identify hate speech and bots that were used to spread misinformation through the microblogging site.

'Omicron Virus' Or 'South Africa Variant'? Here's What Not To Call New Covid-19 Strain

'Omicron Virus' Or 'South Africa Variant'? Here's What Not To Call New Covid-19 Strain

The Omicron variant of Covid-19 has led to several discussions on WHO's method of naming virus variants on Greek alphabets. But terms like 'South Africa virus' have remained in use.

IPL Retention, Live Updates: Rashid, Hardik Not Retained

IPL Retention, Live Updates: Rashid, Hardik Not Retained

Will the IPL team owners value loyalty, performance, or a combination of both while retaining players? As the drama unfolds, follow live updates here.

Opposition Unity: Act Fast Or Perish, TMC Makes Its Message Ring Louder

Opposition Unity: Act Fast Or Perish, TMC Makes Its Message Ring Louder

TMC Supremo Mamata Banerjee is set to meet the leadership of the Shiv Sena and NCP in the backdrop of her deliberate decision not to meet Sonia Gandhi.

Advertisement