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Indian rupee slips 5 paise to 74.17 against US dollar

By Saima Siddiqui 
Updated Date
Indian rupee slips 5 paise to 74.17 against US dollar

New Delhi: The Indian rupee declined 5 paise to 74.17 against the US dollar in opening trade on Monday, in line with its Asian peers amid the strengthening of the American currency in the overseas market.

Also Read :- Rupee falls to 15-month low against US dollar as crude oil prices rise

At the interbank foreign exchange, the rupee opened at 74.16 against the dollar, then fell further to 74.17, registering a fall of 5 paise over its previous close.

On Friday, the rupee had settled at 74.12 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading up 0.02 percent at 94.05.

On the domestic equity market front, the BSE Sensex was trading 621.28 points or 1.06 percent higher at 59,386.86, while the broader NSE Nifty advanced 185.80 points or 1.06 percent to 17,717.85.

Also Read :- India's holding of US securities surges over $20 bn in 3 months

Meanwhile, foreign institutional investors were net buyers in the capital market on Friday, as they purchased shares worth Rs 131.39 crore, as per exchange data.

Global oil benchmark Brent crude futures fell 0.32 percent to USD 79.03 per barrel.

The Indian rupee opened weaker this Monday morning against the dollar, tracking losses in Asian and emerging market currencies on renewed worries over the China Evergrande Group’s debt troubles, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

The focus this week will be on developments at Evergrande and on the RBI monetary policy meeting and the US monthly jobs report, he said.

The Reserve Bank of India’s Monetary Policy Committee is expected to keep the key rate unchanged but could signal the beginning of the unwinding of its accommodative monetary policies, Iyer added.

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