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Rupee rate today: Rupee marks 5-day winning streak, loses 11 paise against USD

By on August 9, 2021 0
MUMBAI: Stopping its winning run of five sessions, the rupee fell 11 paise on Monday to close at 74.26 against the US dollar, following the firm US dollar.

In the interbank forex market, the national currency opened at 74.21 against the greenback and slipped further to close at 74.26, recording an 11 paise decline from its previous close.

During the session, local unit touched an intraday high of 74.21 and a low of 74.29 against the US dollar.

On Friday, the rupee stood at 74.15 against the US dollar.

The dollar index, which measures the strength of the greenback against a basket of six currencies, traded slightly down 0.02% to 92.77.

Currency traders said easing crude oil prices and positive national actions would limit the local unit’s depreciation bias.

Futures on Brent crude, the world’s benchmark for oil, fell 3.83% to $ 67.99 per barrel.

On the national stock market front, the BSE Sensex finished up 125.13 points or 0.23% at 54,402.85, while the broader NSE Nifty index rose 20.05 points or 0 , 12% at 16,258.25.

According to Jateen Trivedi, senior research analyst at LKP Securities, “the rupee traded on the back foot with a loss of 0.12 near 74.25 as the dollar index moved its base towards 92.75 USD. continue to add pressure in the future “.

“The rupee consolidated in a narrow range after the RBI in its policy statement kept rates unchanged and maintained its accommodative stance,” said Gaurang Somaiyaa, Forex & Bullion analyst,

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Marginal weakness was seen as the dollar rose against its major crosses following the release of a robust number of non-farm payrolls in the United States. Over the next two sessions, dollar volatility could remain low as no major economic data is expected in the United States, Somaiyaa said.

“We expect the USD / INR (Spot) to trade with a positive bias and quote between 74.05 and 74.50,” Somaiyaa added.

“This week, the US CPI will be an important data point to watch. Along with this, a number of IPOs can bring fresh REIT money to the primary market.

“At the same time, the RBI continues to absorb flows and protect the USD / INR above 74.00. Overall, the USD / INR could continue to hover between 74.10 and 74.50 on the spot for now, ”said Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.

Meanwhile, foreign institutional investors were net sellers in the capital market on Friday as they dumped shares worth Rs 69.37 crore, according to exchange data.