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Rupee rate today: the rupee drops 8 paise to 72.99 against the US dollar

By on June 4, 2021 0
MUMBAI: The rupee fell 8 peas to close at 72.99 (provisionally) against the US dollar on Friday as foreign exchange players weighed in on the RBI’s policy measures to mitigate the impact of COVID-19 on the economy.

The Reserve Bank of India (RBI) decided on Friday to leave the benchmark interest rate unchanged at 4%, but maintained an accommodative stance amid the second wave of COVID.

In the interbank forex market, the local unit opened on a low 73.00 against the greenback and saw an intraday high of 72.95 and a low of 73.13.

It ultimately finished at 72.99, posting a drop of 8 paise from its previous close. On Thursday, the rupee stood at 72.91 against the US dollar.

RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) voted unanimously to keep interest rates unchanged and decided to maintain its accommodative stance for as long as needed to support growth and keep inflation on target.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.01 percent to 90.51.

Futures on Brent crude, the world’s benchmark for oil, rose 0.49% to $ 71.66 per barrel.

On the national stock market front, the BSE Sensex finished down 132.38 points or 0.25% at 52,100.05, while the broader NSE Nifty index lost 20.10 points or 0. 13% at 15,670.25.

Foreign institutional investors were net buyers in the capital market on Thursday as they bought shares worth Rs 1,079.20 crore, according to exchange data.