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Rupee opens tad lower at 75.76 amid weakness in equity market, strong dollar

Experts said rising coronavirus cases coupled with border tension with China weighed on investor sentiments and dragged the local unite lower today.

twitter-logoBusinessToday.In | June 25, 2020 | Updated 11:30 IST
Rupee opens tad lower at 75.76 amid weakness in equity market, strong dollar
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 97.27

The rupee depreciated marginally by 4 paise to 75.76 per dollar on Thursday's opening bell, amid weak domestic equities and strong US dollar.

Experts said rising coronavirus cases coupled with border tension with China weighed on investor sentiments and dragged the local unit lower today.

Besides this, investor sentiment weakened after the US threatened new tariffs on European imports amid escalating trade war fears.

The rupee opened at 75.76 against the US dollar, down 4 paise over its previous close of 75.72 against the greenback on Wednesday.

"The risk sentiment was soured as US trade representative has proposed imposing tariffs on USD 3.1 billion of imports from France, Germany, Spain and the UK. The proposal has been put out to seek public opinion until July 26," said Abhishek Goenka, Founder and CEO, IFA Global.

Besides, the IMF has cut its projections for world economic growth. It now sees an even deeper recession and slower recovery than earlier, Goenka added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 97.27.

The 30-share BSE benchmark Sensex was trading 144.68 points lower at 34,724.30 and broader NSE Nifty fell 27.60 points to 10,277.70.

Foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 1,766.90 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.79 per cent to USD 39.99 per barrel.

The number of cases around the world linked to the disease has crossed 94.08 lakh and the death toll has topped 4.82 lakh.

In India, the death toll due to COVID-19 rose to 14,894 and the number of infections spiked to 4,73,105, according to the health ministry.

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