Rupee drops 15 paise to 73.83 on strong dollar and higher crude prices, Auto News, ET Auto

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The domestic unit finally settled the day at 73.83 to the dollar, posting a decline of 15 paise from its previous close. On Friday, the currency closed 4 paise lower at 73.68 against the US dollar.

Bombay:

The rupee fell 15 paise to close at 73.83 against the US dollar on Monday as a stronger greenback against its main rivals and higher crude oil prices weighed on investor sentiment.

In addition, multiple bouts of volatility on the domestic equity front and mixed signals from global financial markets put pressure on the rupee, analysts observed.

In the interbank forex market, the rupee opened low at 73.70 and slipped to the day’s low of 73.84 per dollar towards the end of the session. For a brief period he ventured into positive territory and hit a high of 73.60 in the first half of the session.

The domestic unit finally settled the day at 73.83 to the dollar, posting a decline of 15 paise from its previous close. On Friday, the currency closed 4 paise lower at 73.68 against the US dollar.

The rupee traded strongly near 73.70 in the first half of the year on strong capital markets, then dropped its gains and fell as profits were recorded in the capital markets. crude also caused the rupee to fall. The rupee can be seen between 73.50 and 74.10, “said Jateen Trivedi, senior research analyst at LKP Securities.

The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.11% to 93.42.

On the national stock market front, the BSE Sensex finished slightly up 29.41 points or 0.05 percent higher at 60,077.88. Similarly, the NSE Nifty closed the day 1.90 points, or 0.01% higher, at 17,855.10.

At the same time, benchmark global Brent crude oil futures rose 1.29% to $ 78.23 per barrel. Foreign institutional investors were net buyers in the capital market on Friday as they bought shares worth Rs 442.49 crore, according to exchange data.

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