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Rupee falls 15 paise to 73.22 amid strong dollar, weak equities

Rupee opened on a weak note at 73.21 against the dollar index that traded near one-month high on risk aversion. The domestic unit then fell further by 15 paise to 73.22 at the interbank forex market, over its previous close

twitter-logoBusinessToday.In | January 18, 2021 | Updated 13:27 IST
Rupee falls 15 paise to 73.22 amid strong dollar, weak equities
On Friday, the rupee had slipped 3 paise to end at 73.07 per dollar today, tracking weakness in equities and strong US currency

Indian rupee, the domestic currency fell by 15 paise to 73.22 per US dollar on Monday's opening trade, tracking muted opening in domestic equities and strengthening American currency.

Rupee opened on a weak note at 73.21 against the dollar index that traded near one-month high on risk aversion. The domestic unit then fell further by 15 paise to 73.22 at the interbank forex market, over its previous close.On Friday, the rupee had slipped 3 paise to end at 73.07 per dollar today, tracking weakness in equities and strong US currency.

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said,"Support is at 72.95 - 72.80 levels for the spot pair. Resistance for the pair is 73.20. USDINR Jan future will trade in the range of 73.05 - 73.25 levels."

Meanwhile, the dollar index, rose 0.09 per cent to 90.85 against a basket of six currencies.

Reliance Securities said in a research note,"The US dollar Index is trading flat this morning in Asian trade against major peers. Downside was capped as softening US economic data and rising coronavirus cases turned investors cautious. Foreign fund flows into the domestic equity markets could lift sentiments. However, most of the Asian currencies are trading weak against the US dollar and could weigh on sentiments. The euro and the sterling were flat against the US dollar, the Japanese yen was flat to marginally higher against the US dollar this morning."

On the domestic equity market front, market indices reversed trend and fell on Monday, amid heavy selling pressure in metal and realty stocks, tracking cues from weak global equities. Extending fall for the second straight session, Sensex was trading 315 points lower at 48,700 and Nifty fell by 120 points to 14,312.

Foreign portfolio investors (FPIs) bought shares worth Rs 971.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 942.07 crore in the Indian equity market on 15 January, provisional data showed.

Brent crude futures, the global oil benchmark, fell 0.94 per cent to USD 54.58 per barrel. Oil price fell as concerns over demand due to lockdown being imposed in Chinese cities overshadowed strong import data and US stimulus package.

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