Rupee pares initial gains, settles 17 paise down at 76.20 against U.S. Dollar

The rupee which opened the day on a strong note at 75.89 against the U.S. Dollar

June 16, 2020 03:57 pm | Updated 03:57 pm IST - Mumbai

During the four-hour trading session, the domestic unit saw an intra-day high of 75.77 and a low of 76.26.

During the four-hour trading session, the domestic unit saw an intra-day high of 75.77 and a low of 76.26.

The rupee pared initial gains and closed 17 paise lower at 76.20 (provisional) against the U.S. Dollar on Tuesday amid escalation in border tension with China.

In a massive rise of border tension, an Indian Army officer and two soldiers were killed during a violent confrontation with Chinese troops in the sensitive Galwan Valley in eastern Ladakh on Monday night, the Army said.

Forex traders said besides the border tension with China, foreign fund outflows and concerns regarding rising COVID-19 cases also weighed on investor sentiment.

The rupee which opened the day on a strong note at 75.89 against the U.S. Dollar, pared the gains to settle at 76.20 against the U.S. Dollar, down 17 paise over its previous close.

It had settled at 76.03 against the greenback on Monday.

During the four-hour trading session, the domestic unit saw an intra-day high of 75.77 and a low of 76.26.

Meanwhile, the 30-share BSE benchmark Sensex also pared some of its initial gains and was trading 329.07 points higher at 33,557.87, while broader NSE Nifty rose 97.25 points to 9,910.95.

Foreign institutional investors were net sellers in the capital market as they sold shares worth ₹2,960.33 crore on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.61% to $40.36 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.11% to 96.60.

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