The rupee fell 20 paise to close at 74.99 (provisionally) against the US dollar on Friday, as higher crude oil prices weighed on investor sentiment, even as domestic stocks finished strong gains .

In the interbank forex market, the local currency opened at 75 and saw an intraday high of 74.91 and a low of 75.16 against the US dollar in day trading.

Local unit eventually settled at 74.99 per dollar, down 20 paise from its previous close.

On Thursday, the rupee stood at 74.79 against the US dollar.

Futures on Brent crude, the world’s benchmark for oil, rose 0.76% to $ 82.57 per barrel.

The dollar index, which measures the strength of the greenback against a basket of six currencies, was trading down 0.06% at 94.15.

“The Indian rupee recorded the worst weekly loss after April 09 following a surge in crude oil and the dollar index,” said Dilip Parmar, research analyst, HDFC Securities.

At the bi-monthly RBI policy meeting, Parmar said RBI Governor Shaktikanta Das “surprised the markets by suspending his version of quantitative easing (GSAP), while keeping interest rates unchanged with a position accommodating “.

On the macroeconomic front, the Reserve Bank of India (RBI) decided on Friday to keep the benchmark interest rate unchanged at 4% but maintained an accommodative stance even as the economy shows signs of recovery after the second wave of COVID.

The RBI governor said the MPC voted unanimously to keep the interest rate unchanged and decided to continue its accommodative stance for as long as needed to support growth and keep inflation within limits. the goal.

“The USD / INR spot should trade with a positive bias and a durable trade above 75 will open an upper face of 75.35, while on the downside support has been flipped to 74.50,” said noted Parmar.

On the national stock market front, the BSE Sensex finished up 381.23 points or 0.64% to 60,059.06, while the broader NSE Nifty index rose 104.85 points or 0 , 59% at 17,895.20.

Foreign institutional investors were net sellers in the capital market on Thursday as they dumped shares worth Rs 1,764.25 crore, exchange data showed.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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