Markets

Rupee slips 7 paise to close at 74.51 against U.S. dollar

Photo used for representational purpose only.

Photo used for representational purpose only.

The rupee on Thursday slipped 7 paise to close at 74.51 (provisional) against the U.S. dollar, tracking a lacklustre trend in the domestic equity market.

Forex traders said sustained foreign fund outflows and firm crude oil prices weighed on the local unit. Moreover, investors remained cautious ahead of the U.S. Federal Reserve's meeting due next week.

At the interbank foreign exchange market, the local currency opened at 74.43 against the greenback and witnessed an intra-day high of 74.29 and a low of 74.53 during the session.

The rupee finally settled at 74.51, down 7 paise over its previous close of 74.44.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02% up at 95.53.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.63% to $87.88 per barrel.

Foreign institutional investors were net sellers in the capital market on Wednesday, as they offloaded shares worth ₹2,704.77 crore, as per stock exchange data.


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Printable version | May 18, 2022 12:48:59 pm | https://www.thehindu.com/business/markets/rupee-slips-7-paise-to-close-at-7451-against-us-dollar/article38297423.ece