Rupee falls 7 paise to 74.26 against U.S. dollar in early trade

On June 28, the rupee had settled at 74.19 against the U.S. dollar.

The Indian rupee slumped 7 paise to 74.26 against the U.S. dollar in opening trade on June 29 as a muted trend in domestic equities and firm crude oil prices weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened lower at 74.26 against the dollar, registering a fall of 7 paise over its previous close.

On June 28, the rupee had settled at 74.19 against the U.S. dollar.

“Asian currencies are trading in a small range, and equities are unable to cross the recent highs as delta plus variant of COVID keeps investors on edge,” Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, said.

The range for rupee for the day is 74.10 to 74.40, Mr. Bhansali added.

Global oil benchmark Brent crude futures was down 0.51% to $74.30 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.07% up at 91.95.

On the domestic equity market front, BSE Sensex was trading 148.85 points or 0.28% lower at 52,586.74, while the broader NSE Nifty declined 43.25 points or 0.27% to 15,771.45.

Foreign institutional investors were net sellers in the capital market on June 28 as they offloaded shares worth ₹1,658.72 crore, as per exchange data.

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