The rupee fell for a fifth straight session on Friday and was down 15 paise to 74 paise (provisional) against the US dollar due to rising cases of COVID-19, weak domestic equity and strengthening of the US currency based on investor sentiment. came.
In the interbank foreign exchange market, the local unit opened against the greenback at 74.75 and traded in the range of 74.53 to 74.96 through the day.
Finally, the rupee closed at 74.73 against the US currency, registering a fall of 15 paise over the previous close. The rupee had closed at 74.58 against the US currency on Thursday.
This is the fifth straight loss session for the domestic unit, during which it has seen a fall of 161 paise.
Jatin Trivedi, senior research analyst at LKP Securities, said, “The rupee business nevertheless remains weak, as the weak trend behind government spending on treatment of increasing numbers of vaccines and COVID-19 continues.”
Trivedi further stated that “74.75 has now been maintained as a resistance to the rupee. Going beyond 74.75 – the 75.25 range can be seen with a weak trend for the rupee”.
India on Friday recorded a one-day record increase in 1,31,968 new COVID-19 cases, bringing its infection count to 1,30,60,542, while the death rate rose to 1,67,642 with 780 more deaths a day. Because, October 18, data from the Union Ministry of Health showed.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, advanced 0.25% to 92.29.
Brent crude futures, the global oil benchmark, was trading 0.30% lower at $ 63.01 a barrel.
On the domestic equity market front, the BSE Sensex lost 154.89 points, or 0.31%, to 49,591.32, while the broader NSE Nifty lost 38.95 points, or 0.26%, to close at 14,834.85.
Foreign institutional investors were net buyers in the capital market on Thursday and bought shares worth ₹ 110.85 crore, according to exchange data.
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