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Photo: Hemant Mishra/Mint
Photo: Hemant Mishra/Mint

Indian rupee ends 20 paise lower at 75.01 against US dollar

  • The Indian unit closed at 75.01 against the American currency--a level last seen on 17 July--down from its previous close of 74.82

MUMBAI : sThe Indian rupee slumped 20 paise on Monday to close at a two-week low against the US dollar, tracking weakness in domestic equities.

The Indian unit closed at 75.01 against the American currency--a level last seen on 17 July--down from its previous close of 74.82. The local currency had opened at 74.90 and swung between a high of 74.88 and a low of 75.03. Year to date, the Indian currency has shed 4.84%.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15% to 93.49.

The benchmark Sensex settled 667.29 points 1.77% lower at 36,939.60, while Nifty 50 closed at 10,899.85, down 173.60 points or 1.57%.

Foreign institutional investors have net sold $1.17 billion and $14.61 billion in equity and debt markets respectively since the beginning of 2020, while domestic institutional investors invested 78901.24 crore in stocks, according to data on the exchanges.

Brent crude futures were down 0.69% at $43.22 per barrel, providing a cushion to the rupee. India is one of the largest importers of crude oil and a fall in global prices helps keep the import bill in check.

Among Asian currencies, Indonesian Rupiah fell 0.21%, Korean Won lost 0.20% and Taiwan Dollar was down 0.19%. However, Japenese Yen was up 0.22%, Malaysian Ringgit rose 0.36% and Thai Baht gained 0.15%.

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