BackRupee falls against US dollar, euro
Rupee opened on a weak note at 74.40 against the dollar on Tuesday, then fell further to 74.46
PremiumThe Indian rupee depreciated to 74.46 against the US dollar after opening on a weak note at 74.40 against the dollar on Tuesday. The domestic currency fell to 74.46, registering a fall of 20 paise over its previous close. The EUR/INR pair was trading in the range of 87.29-87.31 in Tuesday's deals.
The rupee snapped its five day winning streak on Monday, closing 11 paise lower at 74.26 on the back of recovery in US dollar index. The dollar steadied in early trading on Tuesday, trading near its four month highs of 93 levels following Friday’s strong nonfarm payrolls release as investor priced in an early tightening of monetary policy by the US Federal Reserve.
The dollar-rupee August contract on the NSE was at ₹74.42 in the last session. The open interest rose almost 2% for the August series.
Forex traders said foreign fund inflows and positive domestic equities will limit the depreciation bias of the local unit.
On the domestic equity market front, BSE Sensex was trading 197.45 points or 0.36 per cent higher at 54,600.30, while the broader NSE Nifty advanced 46.15 points or 0.28 per cent to 16,304.40.
Meanwhile, foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth ₹211.91 crore, as per exchange data.
(With inputs from PTI)
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