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Rupee edges 4 paise lower to 73.03 per dollar amid weak equities

The domestic unit opened 4 apise lower at the interbank foreign exchange market at 73.03 over the previous close of 72.99 against the American currency

twitter-logoBusinessToday.In | January 22, 2021 | Updated 11:57 IST
Rupee edges 4 paise lower to 73.03 per dollar amid weak equities
The dollar index, slipped 0.03 per cent to 90.10 against a basket of six currencies

Indian rupee slipped by 4 paise to 73.03 per US dollar on Friday's opening trade, in line with cautious domestic equities. However, weaker American currency and sustained foreign fund inflows restricted rupee's fall to a certain extent.

The domestic unit opened 4 apise lower at the interbank foreign exchange market at 73.03 over the previous close of 72.99 against the American currency.

The dollar index, slipped 0.03 per cent to 90.10 against a basket of six currencies.

"The U.S. dollar index is closed in red near phycological support of $90 in optimism of massive U.S. stimulus package under the new Joe Biden administration will bolster growth sapped demand for safe-haven currencies,"said Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research.

He added," All major currency like Singapore dollar, Japanese Yen, Australian dollar are traded negative against the US dollar this morning in Asian trade as rises in Covid-19cases, Hongkong market trading down 266 points in the morning trade. Technically, the USDINR Spot open gap down and traded negative throughout the day. It is sustaining below 73.00 levels indicating a negative momentum may continue in the today's session. However, currency is bit oversold and from the lower level local banks and exporter is buying the currency, Support is at 72.82-72.68 levels for the spot pair. Resistance for the pair is 73.10. USDINR Jan future will trade in the range of 72.90-73.15 levels."

On the domestic equity market front, market indices continued yesterday's fall and traded 0.7% lower on Friday, amid mixed global equities. Sensex was trading 350 points lower at 49,283 and Nifty was down 100 points lower at 14,490.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,614.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,039.48 crore in the Indian equity market on 21 January, provisional data showed.

Brent crude futures, the global oil benchmark, dropped 0.93 per cent to USD 55.65 per barrel. Oil price eased after data showed an unexpected increase in US crude inventories raising demand concerns once again.

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