Economy

Rupee slips 3 paise to close at 74.57 against U.S. dollar

The Indian rupee slipped 3 paise to settle at 74.57 (provisional) against the U.S. dollar on Friday, as investors awaited fresh triggers.

At the interbank forex market, the local unit opened at 74.53 against the greenback and witnessed an intra-day high of 74.51 and a low of 74.66 during the session.

The local unit finally ended the day at 74.57, down 3 paise over its last close.

On Thursday, the rupee had settled at 74.54 against the U.S. dollar.

"The forex market focus will be on the U.S. retail sales data and consumer confidence data for any reading on inflation and the strength of the recovery.

"Any solid pace of U.S. economic recovery will underpin the rumours of earlier than expected rate hikes/quantitative easing (QE) tapering keeping USD/INR afloat till the July Federal Open Market Committee (FOMC) outcome," said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

"So, in USD/INR spot until the support of 74.40 doesn't break, the trend will remain towards 75. Only a break of 74.40 will push prices towards 74.00 zone," Mr. Gupta added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.06% to 92.56.

On the domestic equity market front, the BSE Sensex ended 18.79 points or 0.04% lower at 53,140.06, while the broader NSE Nifty declined 0.8% or 0.01% to 15,923.40.

Global oil benchmark Brent crude futures advanced 0.37% to $73.74 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth ₹264.77 crore, as per exchange data.


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Printable version | Sep 20, 2021 11:33:57 PM | https://www.thehindu.com/business/Economy/rupee-slips-3-paise-to-close-at-7457-against-us-dollar/article35361696.ece

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