Markets

Rupee slips 1 paisa to close at 73.07 against U.S. dollar

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The rupee on Friday fell by 1 paisa to end at 73.07 (provisional) against the U.S. dollar amid strengthening of the American currency against key rivals and rising crude oil prices.

At the interbank foreign exchange market, the rupee opened at 72.97 per dollar as against its previous close of 73.06.

It hovered in the range of 72.91 to 73.09 during the day before ending at 73.07.

The domestic currency has lost 27 paise in the last four trading sessions.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15% to 90.21.

"The USDINR spot is hovering around 73 zone, and fears of rising international crude oil prices is leading to importers demand. In spot, the immediate resistance lies around 73.20-73.30, only a consistent trading above that can push prices towards 73.60-73.75 zone while 72.70-72.50 will act as a crucial support," said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

Mr. Gupta further added that "the focus now turns on the big final event, the Fed's meeting next week, although there may not be much of a shift in rhetoric. If Fed hints that tapering discussion may be closer than before, a knee-jerk spurt may be witnessed in USDINR spot, but Fed won't rush into tightening the stimulus so overall the dollar will remain soft." On the domestic equity market front, the BSE Sensex ended 174.29 points or 0.33% higher at 52,474.76, while the broader NSE Nifty rose 61.60 points or 0.39% to 15,799.35.

Brent crude futures, the global oil benchmark, rose 0.22% to $72.68 per barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth ₹1,329.70 crore on Thursday, as per provisional data.


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Printable version | Jul 24, 2021 8:20:51 AM | https://www.thehindu.com/business/markets/rupee-slips-1-paisa-to-close-at-7307-against-us-dollar/article34789548.ece

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