Markets

Rupee drops by 2 paise to 74.42 against U.S. dollar, snaps three-day winning streak

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The rupee slipped by 2 paise to close at 74.42 (provisional) against the U.S. dollar on July 26, snapping its three-day gaining streak amid a muted trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the U.S. Fed’s policy decision due this week.

At the interbank foreign exchange market, the local unit opened at 74.43 against the dollar and witnessed an intra-day high of 74.40 and a low of 74.52 during the session.

The local unit finally ended the day at 74.42, down 2 paise over its last close. On July 23, the rupee had settled at 74.40 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22% to 92.70.

On the domestic equity market front, the BSE Sensex ended 123.53 points or 0.23% lower at 52,852.27, while the broader NSE Nifty declined 31.60 points or 0.2% to 15,824.45.

Global oil benchmark Brent crude futures declined 0.42% to $73.79 per barrel.

Foreign institutional investors were net sellers in the capital market on July 23 as they offloaded shares worth ₹163.31 crore, as per exchange data.


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Printable version | Sep 23, 2021 3:31:09 PM | https://www.thehindu.com/business/markets/rupee-drops-by-2-paise-to-7442-against-us-dollar-snaps-three-day-winning-streak/article35537296.ece

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