Rupee slips 4 paise to 74.44 against US dollar in early trade
PTI, Jul 26, 2021, 10:51 AM IST
Mumbai: The Indian rupee depreciated 4 paise to 74.44 against the US dollar in opening trade on Monday, as investors are awaiting cues from the US Fed”s policy decision, due this week.
At the interbank foreign exchange, the rupee opened at 74.43 against the dollar, then fell further to 74.44, registering a fall of 4 paise over its previous close.
On Friday, the rupee had settled at 74.40 against the US dollar.
“As markets brace up for the FED meeting on July 28, all currencies are consolidating in their respective small ranges,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
USD/INR is expected to keep a range of 74.30 to 74.70 for the day, Bhansali said, adding that “importers to buy cash near the lower end of the range while exporters to sell at the higher end”.
Meanwhile, the dollar index, which gauges the greenback”s strength against a basket of six currencies, was trading down 0.05 per cent at 92.86.
“Investors will be closely eyed to assess the timing of the next bond taper, especially since labour market data is suggesting that economic recovery may have peaked,” Reliance Securities said in a research note.
Moreover, other data like durable goods orders and US GDP data for the second quarter could also drive markets, the note added.
Global oil benchmark Brent crude futures fell 0.59 per cent to USD 73.66 per barrel.
On the domestic equity market front, BSE Sensex was trading 34.98 points or 0.07 per cent higher at 53,010.78, while the broader NSE Nifty advanced 14.50 points or 0.09 per cent to 15,870.55.
Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 163.31 crore, as per exchange data.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
India not reaping benefits of democratic dividend: Raghuram Rajan
Markets slump for third day on fears of escalating tensions in Middle East; IT stocks drag
Tesla is planning to lay off 10 of its workers after dismal 1Q sales, multiple news outlets report
With just Rs 150 base airfare take a 50-minute flight
Byju’s founder Raveendran to take over firm’s daily operations after CEO Mohan’s resignation
MUST WATCH
Latest Additions
Youth detained for Facebook threat to BJP MLA in Nashik
NE’s integration with rest of India happened under Modi govt: BJP chief Nadda
Congress spokesperson booked for alleged hate speech
BJP files complaint with EC against Sowmya Reddy, others for alleged violation of poll code
Siddaramaiah slams BJP candidate for visiting house of alleged police recruitment scam kingpin