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Rupee slips 25 paise to 73.1 amid strong dollar, muted domestic equities

The rupee opened on a weak note at 73.10 at the interbank forex market, then fell further to 73.12, registering a fall of 25 paise over its last close of 72.86 per dollar

twitter-logoBusinessToday.In | September 2, 2020 | Updated 12:38 IST
Rupee slips 25 paise to 73.1 amid strong dollar, muted domestic equities
On Tuesday, rupee had rallied 73 paise to breach the 72-mark per dollar, supported by liquidity-boosting measures announced by the RBI

Indian rupee, the domestic currency depreciated 25 paise to 73.12 against the US dollar in opening trade on Wednesday tracking muted domestic equities and strengthening American currency.

The rupee opened on a weak note at 73.10 at the interbank forex market, then fell further to 73.12, registering a fall of 25 paise over its last close of 72.86 per dollar.

On Tuesday, rupee had rallied 73 paise to breach the 72-mark per dollar, supported by liquidity-boosting measures announced by the RBI.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 92.35. The dollar rose from two-year lows as investors were optimistic about better-than-expected data of US manufacturing sector.

On the domestic equity market front, Sensex and Nifty were trading marginally lower, led by weak global cues. Heightened tensions at India's disputed border with China also kept market muted today. Sensex was trading 17 points lower at 38,883 and Nifty fell by 13 points to 11,456.

Foreign portfolio investors (FPIs) bought shares worth Rs 486.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 775.23 crore in the Indian equity market on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.72 per cent to USD 45.91 per barrel. Oil price moved higher on the back of better US manufacturing activity data giving hopes for an economic recovery.

Worldwide, there were 259 lakh confirmed cases and 8.61 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 66,460 and total coronavirus cases to 37.69 lakh as of Wednesday.

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