Rupee drops 17 paise to 75.16 against US dollar at start of trade
The Indian rupee depreciated 17 paise to 75.16 against the US dollar when trade opened on Monday, as higher crude prices and the strength of the US dollar in the overseas market. sea have weighed on the feelings of investors.
In the interbank forex market, the rupee opened on a low note at 75.11, then fell further to 75.16, recording a decline of 17 paise since the last close.
On Friday, the rupee stood at 74.99 against the US dollar.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.08% to 94.13.
According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, “With oil above $ 82 and US yields higher, the USD / INR may drop to a high of 74.80, where importers can cover their short-term debt, while exporters can remain fairly calm. with a stop loss of 74.75. Foreign institutional investors were net sellers in the capital market on Friday as they dumped shares worth 64.01 crore, according to exchange data.
On the domestic stock market front, the 30-stock Sensex traded 214.43 points or 0.36% higher at 60,273.49, while the wider NSE Nifty traded 74.80 points or 0, 42% more to 17,970.
Global benchmark Brent crude oil futures rose 1.43% to $ 83.57 per barrel.
Meanwhile, the 13th round of military talks between India and China did not result in any resolution of the remaining issues in eastern Ladakh, the Indian military said on Monday after the dialogue.
He said the Indian side had made “constructive suggestions” to resolve the remaining issues, but the Chinese side disagreed with them and could not provide forward-looking proposals either.