Rupee drops 7 paise to 74.95 against US dollar at start of trade
On July 19, the rupee had settled at 74.88 against the US dollar
The Indian rupee depreciated 7 paise to 74.95 against the US dollar when trade opened on July 20 as the strength of the US dollar and weakness in domestic stocks weighed on investor morale.
In the interbank forex market, the rupee opened at 74.93 against the dollar, then fell further to 74.95, recording a decline of 7 paise from its previous close.
As of July 19, the rupee had stood at 74.88 against the US dollar.
According to Anil Kumar Bhansali, head of the Treasury at Finrex Treasury Advisors, “it’s risk aversion to the end” and the USD-INR range for today is 74.70 to 75.10. “
“We should see some resistance around these levels as buying dollars remains the theme. [Market participants] will continue to buy the dips as RBI protects the higher levels. Importers will buy drops near 74.70 / 75 and exporters will sell near 75.10 as the market waits for US monetary policy on the 28th, ”Bhansali said.
The dollar index, which measures the strength of the greenback against a basket of six currencies, was trading down 0.01% to 92.88.
Global benchmark Brent crude oil futures rose 0.09% to $ 68.68 per barrel.
On the national stock market front, BSE Sensex traded 233.61 points or 0.44% down to 52,319.79, while the broader NSE Nifty index lost 71.80 points or 0.46 % at 15,680.60.
Foreign institutional investors were net sellers in the capital market on Monday as they landed stocks worth 2,198.71 crore, according to exchange data.