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By: PTI|Mumbai |
September 8, 2020 11: 13: 27 am
Indian five hundred rupee banknotes are set up for a photograph in Mumbai, India. ( Professional Photographer: Dhiraj Singh/Bloomberg)
The rupee depreciated 29 paise to 73.64 against the US dollar in opening deals on Tuesday in the middle of rise in demand for the American currency from banks and importers.
Forex (Click Here For Best Forex Techniques) traders said strengthening American currency and foreign fund outflows weighed on the regional unit.
At the interbank Forex (Click Here For Best Forex Techniques) market, the Indian currency started on a lukewarm note at 73.63 then fell even more to 73.64 against the greenback, down 29 paise over its previous close.
The local unit traded in a narrow band of 73.54-7364 per US dollar in early trade.
On Monday, the rupee had settled at 73.35 versus the US dollar.
” United States markets were shut on account of Labour Day and for that reason there are no over night cues to follow. We are seeing the US nominal yields firm up and we are seeing US dollar strength in pockets,” said Abhishek Goenka Creator and CEO, IFA Global.
Goenka further said that “if the more comprehensive USD stays stable, the disadvantage in USD-INR might be restricted. It appears the reserve bank is content keeping volatility in check and allowing readjustments in USD-INR occur when there is a considerable worldwide USD relocation”.
On the other hand, the dollar index, which determines the greenback’s strength against a basket of six currencies, increased 0.44 per cent to 93.12
On the domestic equity market front, the 30- share BSE benchmark Sensex was trading 219.02 points greater at 38,63625, and the more comprehensive NSE Nifty rose 42.10 points to 11,39715
Foreign institutional investors were net sellers in the capital market as they sold shares worth Rs 6.93 crore on a net basis on Monday, according to exchange data.
Brent unrefined futures, the global oil standard, fell 0.12 per cent to USD 41.96 per barrel.
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