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Rupee slips 18 paise to trade below 74 per dollar amid weak equities

The domestic unit opened weak at 74.02 at the interbank forex market and later fell by 18 paise to 74.05 per US currency, over its previous close

twitter-logoBusinessToday.In | October 29, 2020 | Updated 12:04 IST
Rupee slips 18 paise to trade below 74 per dollar amid weak equities
Yesterday, the rupee ended lower by 16 paise to settle at more than one-month low of 73.87 against the US currency

Indian rupee, the currency benchmark fell for the second straight session on Thursday to 74.05 per dollar, down another 18 paise. This was on back of weak opening in domestic equities amid global risk aversion.

The domestic unit opened weak at 74.02 at the interbank forex market and later fell by 18 paise to 74.05 per US currency, over its previous close.

Yesterday, the rupee ended lower by 16 paise to settle at more than one-month low of 73.87 against the US currency.

"The risk sentiment has been dealt a serious blow with the worsening coronavirus situation in Europe on account of a second wave. Most countries have announced partial lockdowns, curfews or declared emergencies. This threatens to nip the nascent recovery in the bud," said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further added that "the rupee is likely to get spooked on account of global risk aversion. We expect the rupee to trade a 73.90-74.30 range intraday. We may see nationalised banks offering dollars to smoothen volatility".

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03 per cent to 93.37. The Us currency index fell amid uncertainty around US elections and the fading possibility of additional stimulus.

On the domestic equity market front, market indices traded on a bearish note for the second consecutive day, amid weak global equities. Sensex dropped 278 points to 39,643 and Nifty fell 111 points to 11,617.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,130.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1.48 crore in the Indian equity market on 28 October, provisional data showed.

Brent crude futures, the global oil benchmark, inched 0.18 per cent higher to USD 39.19 per barrel.

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