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Rupee slips 23 paise to 74.98 amid strong US dollar, weak equities

Where steady crude oil prices and foreign fund inflows supported the rupee, factors like strong dollar, bearish domestic equities and rising COVID-19 cases kept sentiments weak

twitter-logoBusinessToday.In | July 24, 2020 | Updated 12:31 IST
Rupee slips 23 paise to 74.98 amid strong US dollar, weak equities
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.05% to 94.74

Indian rupee, the local currency benchmark fell 23 paise to 74.98 per dollar on Friday's opening session, tracking weak domestic equities and strengthening of US currency.

Where steady crude oil prices and foreign fund inflows supported the rupee, factors like strong dollar, bearish domestic equities and rising COVID-19 cases kept sentiments weak.

The rupee opened on a weak note at 74.94 at the interbank forex market and fell further to 74.98 per dollar, down 23 paise over its last close of 74.75 per dollar on Thursday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.05% to 94.74.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 230.96 points lower at 37,909.51 and broader NSE Nifty fell 76.55 points to 11,138.90.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,740.50 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.39 per cent to USD 43.48 per barrel.

Worldwide, the number of cases linked to COVID-19 has crossed 1.54 crore and the death toll has surpassed 6.32 lakh. In India, the death toll due the disease rose to .30 lakh and the number of infections stood at 12.87 lakh.

(With PTI Inputs)

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