Rupee loses 4 paise to close at 73.68 against the US dollar

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In the previous session on Thursday, the rupee closed at 73.64 against the US dollar.

The Indian rupee slipped 4 paise to close at 73.68 (provisional) against the US dollar on Friday, after weaker Asian peers against the US dollar.

In the interbank foreign exchange market, the local currency opened at 73.77. It hit an intraday high of 73.61 and a low of 73.78 during the day.

The rupee ultimately settled at 73.68 against the US dollar, down 4 paise from its previous close.

In the previous session on Thursday, the rupee closed at 73.64 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading up 0.06% at 93.14.

The Indian rupee has depreciated following weakness in Asian peers and the dollar rebounding from an aggressive mood. Markets appear to have made the Federal Open Market Committee (FOMC) decision as hawkish as Treasuries rose while risk assets had a long unwinding, ”said Dilip Parmar, research analyst, HDFC Securities.

Spot USD / INR is expected to trade between 73.40 and 73.95 following month-end demand for the dollar and risk aversion tones.

“The data record remains light today in the middle of the weekend, although many Fed speakers will be on the line, which could bring back volatility in the forex markets,” Parmar added.

Futures on Brent crude, the world’s benchmark for oil, rose 0.25% to $ 77.44 per barrel.

On the domestic stock market front, the BSE Sensex finished 163.11 points, or 0.27% higher, to a lifetime high of 60,048.47. Likewise, the broader NSE Nifty index rose 30.25 points or 0.17% to close at a record 17,853.20.

Foreign institutional investors were net buyers in the capital market on Thursday as they bought shares worth 357.93 crore, according to exchange data.


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