Indian rupee drops 18 paise to 75.08 against US dollar

The rupee ended lower 18 paise at 75.08 (provisional) against the US currency on Monday due to a surge in crude oil prices and a stronger greenback against its main rivals abroad.

In the interbank forex market, the local unit opened on a low at 74.98 and saw an intraday high of 74.97 and a low of 75.10 against the US dollar during the daytime.

Local Unity ultimately finished at 75.08, down 18 paise from its previous close. On Friday, the rupee stood at 74.90 against the US dollar.

Meanwhile, the dollar index, which rates the strength of the greenback against a basket of six currencies, traded 0.13 percent higher at 93.76.

Futures on Brent crude, the world’s benchmark for oil, rose 0.56% to $ 86.01 a barrel.

On the national stock market front, the BSE Sensex jumped 145.43 points or 0.24% to close at 60,967.05 while the broader NSE Nifty index rose 10.50 points or 0. 06% to stand at 18,125.40.

Meanwhile, foreign institutional investors were net sellers in the capital market on Friday as they dumped shares worth Rs 2,697.70 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.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

Source link

Comments are closed.