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Rupee vs Dollar: Rupee slips 5 paise to 74.89 amid strong dollar

The Indian currency started off on a tepid note and traded in a narrow band of 74.91-74.88 per US dollar at the interbank forex market, as against Friday's close of 74.84 against the US dollar

twitter-logoBusinessToday.In | August 24, 2020 | Updated 12:07 IST
Rupee vs Dollar: Rupee slips 5 paise to 74.89 amid strong dollar
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.04 per cent at 93.21

Indian rupee, the currency benchmark slid 5 paise to trade at 74.89 per dollar on Monday's opening trade, on due to rise in demand for the US currency from banks and importers.

Share Market News Live: Sensex rises 100 points, Nifty at 11,371; NTPC, Asian Paints, HDFC Bank top gainers

The Indian currency started off on a tepid note and traded in a narrow band of 74.91-74.88 per US dollar at the interbank forex market, as against Friday's close of 74.84 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.04 per cent at 93.21. Dollar was rising today after US business activity snapped back to the highest since early 2019 in August,

Oil price fell on Monday as renewed lockdown due to rising coronavirus cases raise fear of lower demand even as crude producers limit crude supply. The global crude oil benchmark Brent was trading 0.09 per cent lower at USD 44.89 per barrel.

On the domestic equity market front, equity benchmark indices traded on a bullish note on Monday, extending last week's gains amid positive global equities. Mirroring positive cues from other Asian markets, the S&P BSE Sensex traded 203 points or 0.50% at 38,638. The Nifty 50 index gained 68 points or 0.60% at 11,440.

Foreign portfolio investors (FPIs) bought shares worth Rs 410.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 250.65 crore in the Indian equity market on Friday, provisional data showed.

Worldwide, there are 235 lakh confirmed cases and 8.12 lakh deaths from COVID-19 outbreak. Meanwhile, the death toll in India crossed 57,000 mark and total coronavirus stood at 31.06 lakh as of Monday.

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