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Photo: Bloomberg
Photo: Bloomberg

Rupee ends at two-week low against the US dollar

  • The Indian unit closed at 73.39 against the US dollar, a level last seen on 29 December
  • On the domestic equity market front, the 30-share BSE benchmark Sensex closed at 49,269.32

Mumbai: The Indian rupee closed at a two-week low against the US dollar on Monday, tracking a rebound in the American currency even as domestic equities closed with significant gains.

The Indian unit closed at 73.39 against the US dollar, a level last seen on 29 December. The currency had settled at 73.25 on Friday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.39% to 90.45.

"Rupee traded in a range manner between 73.30-73.50 with weak tone in early morning sessions as the dollar index takes supports near $89.50. But looking capital markets liquidity inflows rupee weakness was measured near 73.50 as it keeps taking support near 73.40-73.55 zone for now." said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities

Moreover, Crude prices higher and Gold in softer tone its looks rupee can be in the range of 73.00-73.60 for some time before big announcement kicks in from the US on stimulus package, he added.

On the domestic equity market front, the 30-share BSE benchmark Sensex closed at 486.81 points higher to close at 49,269.32, and the broader NSE Nifty was up 137.50 points to close at 14,484.75.

Foreign institutional investors have net bought $30.05 billion in equity and net sold $4.46 billion in debt since the beginning fiscal year, while domestic institutional investors have net sold Rs1.16 trillion worth of stocks, according to data on the exchanges.

Among Asian currencies, Indonesian Rupiah fell 0.74%, followed by South Korean Won lost 0.67% and Malaysian Ringgit 0.59%. However, Thai Baht gained 0.05%, and Hong Kong Dollar advanced 0.01%.

Brent crude futures, the global oil benchmark, declined 1.16% to $55.34 per barrel.

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