On March 30, the rupee closed at 73.38 against the US dollar.
The Indian rupee depreciated 20 paise to 73.58 against the US dollar in early trade on 31 March, down from the strength of the greenback and weak domestic equity.
In the interbank foreign exchange market, the domestic unit opened at 73.56 against the US dollar, then fell to 73.58, a decline of 20 paise over the previous close.
The rupee had closed at 73.38 against the US currency on 30 March.
Traders said Asian currencies were weak on Wednesday morning.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, advanced 0.13% to 93.41.
Reliance Securities said in a research note, “In Asian markets, the US dollar was higher against the basket of currencies on Wednesday morning. Investors bet that massive fiscal stimulus and aggressive vaccination will help the US recover globally.” “
On the data front, the government is likely to announce a lending plan for April-September, in addition, the government is about to release the fiscal deficit data for April-February. RBI is also likely to release the October-December current account data, the note added.
In the domestic equity market, the 30-share BSE benchmark Sensex was down 422.74 points at 49,713.84, and the broader NSE Nifty fell 96.85 points to close at 14,748.25.
Foreign institutional investors were net buyers in the capital market as they bought shares worth ₹ 769.47 crore as per exchange data on Tuesday.
Global oil benchmark Brent crude futures rose 0.48% to $ 64.45 a barrel.
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