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Wednesday, November 25, 2020

Rupee slides for 4th day, tumbles 28p against USD

On the domestic equity market front, the BSE Sensex ended 236.48 points or 0.54 per cent lower at 43,357.19; and the broader NSE Nifty slipped 58.35 points or 0.46 per cent to 12,690.80.

By: ENS Economic Bureau | Mumbai | Updated: November 13, 2020 12:36:06 am
In the last four sessions, the rupee has lost 56 paise against the American unit.

Extending its losing streak to the fourth straight session, the Indian rupee dived 28 paise to end at 74.64 against the US dollar on Thursday on sustained demand for the greenback from importers and banks coupled with foreign fund outflows.

The domestic unit opened at 74.44 against the greenback at the interbank forex market and recorded an intra-day high of 74.38 and a low of 74.74 against the US currency.

It finally settled at 74.64 to the US dollar, down 28 paise over its last close of 74.36.

In the last four sessions, the rupee has lost 56 paise against the American unit. Forex traders said weak domestic equities too weighed on investor sentiment.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.23 per cent to 92.82.

“Rupee fell sharply against the US dollar ahead of the important inflation and industrial production number that will be released later today.

“Increase inflation is likely to keep the rupee weighed down against the US dollar,” said Gaurang Somaiyaa, forex & bullion analyst, Motilal Oswal Financial Services.

On the domestic equity market front, the 30-share BSE Sensex ended 236.48 points, or 0.54 per cent, lower at 43,357.19, while the broader Nifty50 at the NSE slipped 58.35 points. or 0.46 per cent, to 12,690.80.

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