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Rupee slips 3 paise to 73.07 amid strong US dollar, weak equities

The domestic unit opened at 73.07 per US dollar at the interbank forex market, falling 3 paise over its previous close

twitter-logoBusinessToday.In | January 15, 2021 | Updated 12:36 IST
Rupee slips 3 paise to 73.07 amid strong US dollar, weak equities
Meanwhile, the dollar index rose by 0.06 per cent to 90.29 against a basket of six currencies

The rupee opened on a flat note and fell by 3 paise to 73.07 per dollar on Friday, tracking the muted opening in domestic equities and weak Asian currencies. However, FPI inflows kept the losses in check.

The domestic unit opened at 73.07 per US dollar at the interbank forex market, falling 3 paise over its previous close.

Yesterday, the domestic unit ended higher by 11 paise at 73.04 per dollar against previous close of 73.15, tracking gains in domestic equities, continued FPI inflows  and weak American currency.

Meanwhile, the dollar index rose by 0.06 per cent to 90.29 against a basket of six currencies. The euro, the sterling and the Japanese yen were trading flat against the US dollar in Asian trade.

Traders also said the dovish comments from the US Fed Chief Jerome Powell weighed on the greenback and could keep gains in check.

Reliance Securities said in a research note, "The US dollar index is trading flat this morning in Asian trade against major peers as dovish Fed offset US stimulus plan from the President-elect Joe Biden."

On the domestic equity market front, Market indices reversed trend and fell by half a percent on Friday, amid weak global equities. Sensex was falling by 320 points to 49,262 and Nifty traded 100 points lower at 14,499.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,076.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 188.10 crore in the Indian equity market on 14 January, provisional data showed.

Brent crude futures, the global oil benchmark, fell 0.41 per cent to USD 56.19 per barrel. Oil price reversed and moved higher backed by weak dollar and positive Chinese data. But upside was capped by worries over demand due to fresh lockdown restrictions.

Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research said," Benchmark 10-year Treasury notes last fell 12/32 in price to yield 1.1292%, from 1.088%, Technically, the USDINR Spot open gap down and traded negative throughout the day. It is sustaining below 73.20 levels indicating a negative momentum may continue in the today's session. 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."

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