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Rupee slips 6 paise to 74.84 amid strong dollar, weak equities

As per currency traders, strong US currency, negative domestic equities and weak Index of Industrial Production (IIP) data weighed on investor sentiment

twitter-logoBusinessToday.In | August 12, 2020 | Updated 13:17 IST
Rupee slips 6 paise to 74.84 amid strong dollar, weak equities
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.28 per cent to 93.89

Indian rupee, the domestic currency benchmark depreciated 6 paise to 74.84 per dollar on Wednesday's opening bell, tracking negative domestic equities and strengthening US currency.

At the interbank forex market, the local unit opened at 74.78  and later fell to 74.84 per dollar, down 6 paise over its last close of 74.78 on Tuesday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.28 per cent to 93.89.

As per currency traders, strong US currency, negative domestic equities and weak Index of Industrial Production (IIP) data weighed on investor sentiment.

As per the Index of Industrial Production (IIP) data released by the government yesterday, India's industrial output contracted to 16.6% in June as against a 1.3% growth year-on-year (YoY), on account of disruption in normal business activity following the outbreak of coronavirus pandemic.

The decline in factory output was widespread across the sectors, including manufacturing, mining, power generation, capital goods and consumer durables, as per the data released by the Ministry of Statistics and Programme Implementation.

On the equity front, BSE 30-share Sensex was trading 218 points lower at 38,188 and NSE Nifty 50 as falling 72 points higher at 11,250.

Oil prices today showed more weakness despite expectation over US stimulus package to support economy and pick up oil demand from Asia. Brent Crude futures, the global oil benchmark, rose 0.36 per cent to USD 44.66 per barrel.

In India, coronavirus cases surpassed 23 lakh mark today, with total deaths standing at 0.46 lakh. Worldwide, there are 205 lakh confirmed cases and 7.45 lakh deaths from COVID-19 outbreak.

(With PTI Inputs)

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