The Indian rupee depreciated 5 paise to 74.37 against the U.S. dollar in opening trade on Thursday tracking the strength of the greenback and strong crude oil prices.
At the interbank foreign exchange, the rupee opened at 74.37 against the dollar, registering a fall of 5 paise over its previous close.
On Wednesday, the rupee had settled at 74.32 against the U.S. dollar.
“Risk appetite remained weak amid worries about the rise in COVID-19 cases,” Reliance Securities said in a research note.
Asian currencies have started weaker against the greenback this morning and could also weigh on the local unit, the note added.
Global oil benchmark Brent crude futures rose 0.49% to $75.13 per barrel.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.03% at 92.40.
On the domestic equity market front, BSE Sensex was trading 40.01 points or 0.08% lower at 52,442.70, while the broader NSE Nifty declined 6 points or 0.04% to 15,715.50.
Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth ₹1,646.66 crore, as per exchange data.
Source: Read Full Article