Rupee falls 2 paise to 79.80 towards US greenback

The rupee declined by 2 paise to shut at 79.80 (provisional) towards the US greenback on Tuesday amid a lacklustre development in home equities.

At the interbank international alternate market, the home foreign money opened at 79.80 per greenback. It hovered in a variety of 79.80 to 79.91 through the session.

The home unit lastly settled at 79.80, down 2 paise over its earlier shut of 79.78.

“Rupee traded in a narrow range and volatility was low as most market participants were on the sidelines following the US market holiday,” mentioned Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Somaiya added that the greenback rose to a contemporary 20-year excessive towards its main crosses.

“Focus will be on the services PMI number that will be released from the US. Better-than-expected data could extend gains for the greenback. We expect the USD-INR (Spot) to trade sideways and quote in the range of 79.40 and 80.05,” Somaiya mentioned.

Meanwhile, the greenback index, which gauges the buck’s power towards a basket of six currencies, was buying and selling 0.10 per cent increased at 109.64.

Brent crude futures, the worldwide oil benchmark, fell by 3.05 per cent to USD 92.82 per barrel.

On the home fairness market entrance, the BSE Sensex ended 48.99 factors or 0.08 per cent decrease at 59,196.99, whereas the broader NSE Nifty declined 10.20 factors or 0.06 per cent to 17,655.60.

Foreign institutional traders had been web sellers within the capital market on Monday as they offloaded shares value Rs 811.75 crore, as per alternate information.