The rupee slips 5 paise to close at 74.79 against the US dollar
The rupee fell 5 paise to close at 74.79 (provisional) against the US dollar on Wednesday amid continued foreign outflows and high crude oil prices.
On the interbank exchange, the rupee opened at 74.70 against the US dollar, and then saw an intraday high of 74.68 and a low of 74.87 against the greenback.
The local unit eventually ended the day at 74.79, down 5 paise from the previous close of 74.74.
“The Rupee remained fairly subdued ahead of the Reserve Bank of India (RBI) monetary policy, but a slow depreciation has been witnessed over the past couple of days due to outflows of foreign funds from domestic stocks and bonds. “said Dilip Parmar, Research Analyst, HDFC Securities. .
On the overseas front, dollar bulls remained in control, with the greenback recovering from its 100-day moving average as stocks managed to recover some of the lost ground.
“The USDINR spot should consolidate in a range of 74.60 to 75.10 in the coming days,” Parmar said.
Meanwhile, the dollar index, which gauges the strength of the greenback against a basket of six currencies, was trading down 0.14% at 95.51.
On the domestic stock market front, the 30-stock Sensex ended 657.39 points or 1.14% higher at 58,465.97, while the broader NSE Nifty gained 197.05 points or 1.14 % to 17,463.80.
Brent futures, the global oil benchmark, fell 0.36% to $90.45 a barrel.
Foreign institutional investors were net sellers in the capital market on Tuesday as they unloaded shares worth Rs 1,967.89 crore, according to data from the exchange.