Markets

Rupee snaps 3-day winning streak, drops 10 paise to 74.59 against U.S. dollar

Image for representational purpose only.   | Photo Credit: V.V. Krishnan

Halting its three-day winning run, the rupee on July 14 declined by 10 paise to close at 74.59 (provisional) against the U.S. dollar.

At the interbank foreign exchange market, the domestic currency opened at 74.57 against the American currency, and slipped further to close at 74.59, registering a decline of 10 paise over its previous close. On July 13, the rupee had closed at 74.49 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05% to 92.70.

“The market focus is on how Jerome Powell will react to the surging U.S. CPI data and how long can Federal Reserve policy stay ultra-loose. Powell’s dovish tone at tonight’s semi-annual testimony, will be negative for USD-INR spot but if he talks about tapering the bond purchases then we may see the spot to trade towards 75 zone,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

As long as the spot trades above 74.40, the trend will remain positive, only a break of 74.40 will push prices towards 74.00 zone, Mr. Gupta added.

On the domestic equity market front, the BSE Sensex ended 134.32 points or 0.25% higher at 52,904.05, while the broader NSE Nifty advanced 41.60 points or 0.26% to 15,853.95.

Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth ₹113.83 crore, as per exchange data.

Brent crude futures, the global oil benchmark, fell 0.75% to $75.92 per barrel.


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Printable version | Sep 21, 2021 4:41:53 PM | https://www.thehindu.com/business/markets/rupee-snaps-3-day-winning-streak-drops-10-paise-to-7459-against-us-dollar/article35319324.ece

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