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Rupee slips 6 paise to 74.36 against US dollar in early trade

At the interbank forex market, the rupee opened at 74.30, but lost ground and touched 74.36 in early morning deals, registering a fall of 6 paise over its previous close of 74.30 against the greenback.

By: PTI | Mumbai | August 27, 2020 11:09:25 am
A customer counts Indian one-hundred rupee banknotes before depositing them in India. (Photographer: Dhiraj Singh/Bloomberg)

The rupee fell 6 paise to 74.36 against the US dollar in opening trade on Thursday as investors awaited fresh cues from the US Fed and the Reserve Bank of India.

At the interbank forex market, the rupee opened at 74.30, but lost ground and touched 74.36 in early morning deals, registering a fall of 6 paise over its previous close of 74.30 against the greenback.

Forex traders said foreign fund outflow, positive domestic equities and weak US dollar supported the rupee, but investors preferred to stay on the sidelines ahead of Reserve Bank of India Governor Shaktikanta Das’ address.

“RBI Governor Das is scheduled to speak at an event at 10:30 am. Given the recent turmoil in the bond markets, markets would watch for comments on how the RBI would ensure that the borrowing for current fiscal goes through in a non-disruptive manner,” said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further said that “despite the announcement of open market operation (OMO) twist, the nervousness in the bond markets continues. The yields are now higher than levels before the twist was announced.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.15 per cent to 92.87.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 190.25 points higher at 39,264.17 and broader NSE Nifty rose 50.55 points to 11,600.15.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,581.31 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.24 per cent to USD 45.75 per barrel.

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