Rupee slips for 5th straight session, down 15 paise at 74.73 against USD

The rupee fell for the fifth straight session and settled 15 paise down at 74.73 (provisional) in opposition to the US greenback on Friday as rising COVID-19 circumstances, weak home equities and strengthening American forex weighed on traders’ sentiment. On the interbank foreign exchange market, the native unit opened at 74.75 in opposition to the buck and traded within the vary of 74.53 to 74.96 in the course of the day. The rupee lastly ended at 74.73 in opposition to the American forex, registering a fall of 15 paise over its earlier shut. On Thursday, the rupee had settled at 74.58 in opposition to the American forex. That is the fifth straight session of loss for the home unit, throughout which it has seen depreciation of 161 paise. “Rupee traded weak but once more because the weak development continues on the again of presidency spending on vaccines and remedy of COVID-19 rising numbers,” mentioned Jateen Trivedi, Senior Analysis Analyst at LKP Securities. Trivedi additional famous that “74.75 is now maintained as resistance for the rupee. Going forward 74.75 – 75.25 vary may be seen with the weak development for rupee”. India registered a document single-day spike of 1,31,968 new COVID-19 circumstances on Friday, pushing its an infection tally to 1,30,60,542, whereas the dying toll elevated to 1,67,642 with 780 extra fatalities in a day, highest since October 18, the Union Well being Ministry information confirmed. In the meantime, the greenback index, which gauges the buck’s energy in opposition to a basket of six currencies, superior zero.25 % to 92.29. Brent crude futures, the worldwide oil benchmark, was buying and selling zero.30 % down at USD 63.01 per barrel. On the home fairness market entrance, the BSE Sensex ended 154.89 factors or zero.31 % decrease at 49,591.32, whereas the broader NSE Nifty declined by 38.95 factors or zero.26 % to 14,834.85. International institutional traders have been internet consumers within the capital market and bought shares price ₹110.85 crore on Thursday, in response to alternate information.

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