The Indian rupee depreciated 27 paise to shut at 74.37 in opposition to the US greenback on Tuesday in its second straight day of losses following a stronger greenback abroad.
At the interbank foreign exchange market, the home unit opened weak at 74.18 in opposition to the American foreign money, misplaced additional floor and eventually closed at 74.37, exhibiting a fall of 27 paise over its earlier shut.
On Monday, the rupee had settled at 74.10.
The native unit witnessed an intra-day excessive of 74.05 and a low of 74.40 in opposition to the dollar through the buying and selling session.
The home foreign money has misplaced 51 paise within the two buying and selling classes to Tuesday.
“Indian rupee traded lower following stronger dollar and higher crude oil prices. The dollar index regains some composure and edges higher to the 92 area ahead of Federal Reserve Chair Powell’s testimony later tonight. Elsewhere, Brent crude oil has been trading near psychological level of USD 75 barrel,” mentioned Dilip Parmar, Research Analyst, HDFC Securities.
Parmar additional famous that spot USD-INR is anticipated to commerce with constructive bias because it surpassed the resistance of 74.30 and now open for 74.80 degree whereas persevering with to seek out help round 73.70.
Meanwhile, the greenback index, which gauges the dollar’s energy in opposition to a basket of six currencies, rose 0.22 per cent to 92.09.
On the home fairness market entrance, the BSE Sensex ended 14.25 factors or 0.03 per cent greater at 52,588.71, whereas the broader NSE Nifty superior 26.25 factors or 0.17 per cent to fifteen,772.75.
Brent crude futures, the worldwide oil benchmark, fell 0.72 per cent to USD 74.36 per barrel.
Foreign institutional buyers have been internet sellers within the capital market on Monday as they offloaded shares value Rs 1,244.71 crore, as per change information.
