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Mumbai: The rupee depreciated by 25 paise to 76.31 versus the US dollar in opening trade on Friday, tracking weak domestic equities and conditioning of the US dollar overseas.
Forex (Click Here For Best Forex Techniques) traders stated the rupee opened on a weak note taking negative hints from Asian equities.
The rupee opened at 76.30 at the interbank Forex (Click Here For Best Forex Techniques) market and after that fell further to 76.31, down 25 paise over its last close.
The rupee had settled at 76.06 against the United States dollar on Thursday.
” Asian equities and United States stock futures fell on Friday morning, amidst doubts about development in the development of drugs to treat COVID-19 and weak data from the United States,” Reliance Securities stated in a research note.
— CNBC-TV18(@CNBCTV18 Live) April 24, 2020
It even more included that “the United States dollar increased against the Euro and a basket of currencies this Friday early morning and might weigh on the domestic system intraday”.
Domestic bourses were trading on an unfavorable note with benchmark indices Sensex trading 423.12 points lower at 31,43996 and Nifty down by 120.70 points at 9,19320
Brent unrefined futures, the international oil benchmark, advanced 5.20 per cent to $2244 per barrel.
Forex (Click Here For Best Forex Techniques) traders said market sentiment deteriorated after a possible antiviral drug for coronavirus apparently failed its first trial. Market participants are concerned that the sharp increase in coronavirus cases could weigh on the worldwide as well as domestic economy.
The variety of cases around the world linked to the brand-new coronavirus has actually crossed over 27 lakh. In India, over 23,000 cases have actually been reported so far.
On the other hand, foreign institutional investors (FIIs) were net sellers in the capital markets, as they unloaded shares worth Rs 114.58 crore on Thursday, based on provisional data.
The dollar index, which determines the greenback’s strength against a basket of six currencies, advanced by 0.08 pe cent to 100.50
Updated Date: Apr 24, 2020 10: 47: 46 IST.
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