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Rupee Slips 3 Paise To 75.18 Against US Dollar

On the domestic equity market front, the 30-share BSE benchmark Sensex surged 419.87 points, or 1.16 per cent, to close at 36,471.68.

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The rupee settled 3 paise lower at 75.18 against the US dollar on Thursday, tracking a strengthening American currency amid worries over mounting COVID-19 cases.

Forex traders said the rupee traded in a narrow range as a strong dollar, foreign fund outflows and rising COVID-19 cases dragged the local unit down. A positive trend in the domestic equity markets capped the losses, they added.

At the interbank forex market, the rupee opened at 75.23 and swung between a high of 75.15 and low of 75.29 against the US dollar. It finally settled at 75.18, registering a loss of 3 paise over its previous close.

The rupee had ended at 75.15 against the US dollar on Wednesday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 96.13.

On the domestic equity market front, the 30-share BSE benchmark Sensex surged 419.87 points, or 1.16 per cent, to close at 36,471.68.

Similarly, the NSE Nifty rallied 121.75 points, or 1.15 per cent, to 10,739.95.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 221.70 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.82 per cent to USD 43.43 per barrel.

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.35 crore and the death toll has topped 5.84 lakh.

In India, the death toll due the disease rose to 24,915 and the number of infections rose to 9,68,876 on Thursday, according to the health ministry.

Forex traders said foreign capital outflows has impacted the rupee.

"So far this week, foreigners sold equities worth USD 222 million and bought USD 178 million debt. As the flows (start) getting normal, rupee will take cues from the dollar movement against major currencies," said Devarsh Vakil, Deputy Head Retail Research, HDFC Securities.

Vakil further said the "spot USD-INR is expected to consolidate in the range of 75 to 75.50 in coming days. The level above 75.50 will act as trend reversal for the pair and we could head towards 76 level."

Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.3123 and for rupee/euro at 85.9218. The reference rate for rupee/British pound was fixed at 94.8433 and for rupee/100 Japanese yen at 70.24. 


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