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Rupee declines 16 paise to 75.17 per dollar amid weak Asian currencies

While firm start of the equity market and foreign fund inflows supported the rupee, factors like weak Asian currencies and rising COVID-19 cases dragged down the local unit down

twitter-logoBusinessToday.In | August 4, 2020 | Updated 12:37 IST
Rupee declines 16 paise to 75.17 per dollar amid weak Asian currencies
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 93.48

Indian rupee, the local currency benchmark, depreciated by 16 paise to 75.17 per dollar on Tuesday's opening trade, tracking weakness in Asian peers despite domestic equities trading on a positive note.

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The rupee opened weak at 75.13 at the interbank forex market and lost further ground to hit 75.17 against the US dollar, down 16 paise over its previous close of 75.01.

While firm start of the equity market and foreign fund inflows supported the rupee, factors like weak Asian currencies and rising COVID-19 cases dragged down the local unit.

"Asian currencies were weak against the US dollar this morning and weighed on the domestic unit," Reliance Securities said in a research note.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 93.48.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 356 points higher at 37,295.60 and broader NSE Nifty rose 100.30 points to 10,991.90.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 7,818.49 crore on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.79 per cent to USD 43.80 per barrel.

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.82 crore.In India, the number of infections touched 18,55,745.

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