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Rupee widens loss by 7 paise amid strong dollar, rising crude oil prices

The unit closed 20 paise lower at 73.31 per dollar on Thursday, tracking weak domestic equities and rebound in American currency

twitter-logoBusinessToday.In | January 8, 2021 | Updated 12:58 IST
Rupee widens loss by 7 paise amid strong dollar, rising crude oil prices
The Indian unit traded in a small range of 73.35-73.39 in early deals at the interbank foreign exchange market.=

The rupee continued to fall today, trading 7 paise lower at 73.38 per US dollar on Friday's opening deals, amid a rebound in American currency against key rivals and rising crude oil prices.

The Indian unit traded in a small range of 73.35-73.39 in early deals at the interbank foreign exchange market.

The unit closed 20 paise lower at 73.31 per dollar on Thursday, tracking weak domestic equities and rebound in American currency.

The dollar index rose 0.03 per cent to 89.85 against a basket of six currencies.

Meanwhile, the crude oil benchmark Brent was trading higher by 0.17 per cent at USD 54.61 per barrel. Oil price rose as Saudi agreed to cut output by 1mln barrels per day over the next two months and as US crude stock inventories fell.

On the domestic equity market front, market indices traded on a bullish note on Friday, amid positive global equities. Reversing from two days of fall, Sensex rose 350 points to 48,445 and Nifty was rising by 105 points to 14,240.

Foreign portfolio investors (FPIs) bought shares worth Rs 382.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 989.50 crore in the Indian equity market on 7 January, provisional data showed.

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