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Rupee slips 6 paise to 73.90 per dollar amid weak Asian currencies

BusinessToday.In     December 23, 2020

Indian rupee, the domestic currency benchmark, depreciated by 6 paise to 73.90 per US dollar on Wednesday's opening trade, in line with mostly flat Asian currencies amid concerns over a new coronavirus strain.

The domestic unit opened at 73.89 against the US dollar at the interbank forex market, although, inched lower by 6 paise to 73.90 over its previous close.

On Tuesday, rupee had settled for the day 5 paise lower at 73.84 against the US dollar on Tuesday.

Meanwhile, the dollar index fell 0.24 per cent to 90.43 against a basket of six currencies.

"The US dollar continued to find safe haven demand as the new coronavirus variant in the UK could disrupt the economic recovery. Further, Asian currencies were trading flat to weak this Wednesday morning and could weigh on sentiments," Reliance Securities said in a research note.

Traders said the rupee is trading weak tracking tepid cues from most regional currencies on concerns that a infectious new coronavirus strain could slow down the prospects of a global economic recovery.

Abhishek Goenka, Founder and CEO, IFA Global said,"Nifty saw tremendous intraday volatility yesterday but eventually recouped a significant part of losses from the day before. Rupee had a quiet session with recovery in global risk sentiment. However, the USD has strengthened overnight and we could see the Rupee come under pressure today. We expect the Rupee to trade a range of 73.80-74.20 intraday with upside bias."

On the domestic equity market front, Sensex was trading 209 points higher at 46,215 and Nifty gained by 65 points to 13,530.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,153 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 661.51 crore in the Indian equity market on 22 December, provisional data showed.

Brent crude futures, the global oil benchmark, fell 1.44 per cent to USD 49.36 per barrel. Oil price continued to fall on concerns over demand due to fresh lockdown and travel restriction imposed by many countries due to new COVID-19 strain.

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