Rupee tumbles 20 paise to 74.77 against U.S. dollar in early trade

On July 16, the rupee had settled at 74.57 against the U.S. dollar

The Indian rupee depreciated 20 paise to 74.77 against the U.S. dollar opening trade on July 1 as firm American currency and weak domestic equities weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened at 74.73 against the $, then fell further to 74.77, registering a fall of 20 paise over its previous close.

On Friday, the rupee had settled at 74.57 against the U.S. dollar.

The Indian rupee started on a weaker note this Monday against the greenback tracking the strength of the $, Reliance Securities said in a research note.

Asian currencies have started weak against the greenback this Monday morning and will weigh on sentiments.

Moreover, the local unit could remain weak, as investors will flee towards the safety of the greenback amid concerns over rising Covid-19 cases globally, the note added.

The $ index, which gauges the greenback’s strength against a basket of six currencies, was up 0.02% at 92.70.

Global oil benchmark Brent crude futures fell 0.57% to $73.17 per barrel.

On the domestic equity market front, BSE Sensex was trading 345.62 points or 0.65% lower at 52,794.44, while the broader NSE Nifty declined 92. points or 0.5% to 15,830.90.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth ₹466.30 crore, as per exchange data.

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