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Rupee slips 11 paise to 73.65 against US dollar in early trade

At the interbank forex market, the domestic unit opened weak at 73.62 and dropped further to 73.65 against US dollar in early deals, showing a fall of 11 paise over its previous close.

By: PTI | Mumbai | October 23, 2020 10:58:16 am
Indian five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

The rupee slipped 11 paise to 73.65 against the US dollar in opening trade on Friday, tracking stronger American currency overseas.

At the interbank forex market, the domestic unit opened weak at 73.62 and dropped further to 73.65 against US dollar in early deals, showing a fall of 11 paise over its previous close.

On Thursday, the rupee closed 4 paise up at 73.54 against the US currency.

A strong US dollar is weighing on the rupee despite positive domestic equities trend, forex traders said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.11 per cent to 93.05.

BSE index Sensex was trading 159.95 points higher at 40,718.44, and the broader NSE Nifty advanced 51.05 points to 11,947.50.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,118.46 crore on Thursday, according to exchange data.

Meanwhile, Brent crude futures, the global oil benchmark, increased 0.31 per cent to USD 42.59 per barrel.

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