On April 6, the rupee fell 55 paise to close at a weekly low of 75.84 against the US dollar
On April 6, the rupee fell 55 paise to close at a weekly low of 75.84 against the US dollar
The rupee fell 15 paise against the US dollar to 75.99 in opening trade on April 7 to 75.99 as the US Federal Reserve’s hawkish stance weighed on investor sentiment in emerging markets and supported the US currency.
Forex traders said most Asian and emerging market peers were trading weaker against the US dollar on the morning of April 7, while a recovery in crude oil prices will weigh on sentiment.
On the interbank forex exchange, the rupee opened lower at 75.88 against the US dollar, then slipped to 75.99, down 15 paise against its previous US dollar. close.
On Wednesday, the rupee fell 55 paise, its steepest one-day fall in a month, to close at a weekly low of 75.84 against the US dollar.
The Indian rupee weakened against the US currency as the US Federal Reserve’s hawkish stance pushed up the dollar and US benchmark bond yields, said Sriram Iyer, senior research analyst at Reliance Securities.
Global oil benchmark Brent crude futures were up 1.51% to $102.60 a barrel. Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, slipped 0.05% to 99.54.
“The US dollar started marginally weaker in Asian trading this early Thursday morning, but downside may remain limited after meeting minutes showed the Federal Reserve is preparing to take aggressive action to counter inflation,” Iyer said.
Investors will be awaiting clues from the outcome of the RBI’s monetary policy meeting, which is due on April 8th.
On the domestic stockmarket front, the 30-piece Sensex traded 369.19 points, or 0.62%, lower to 59,241.22, while the broader NSE Nifty slipped 99.80 points, or 0.56%, to 17,707.85.
Foreign institutional investors remained net sellers in the capital market on Wednesday, selling 2,279.97 crore of shares, according to stock market data.
