Rupee drops 13 paise to 74.19 against US dollar at start of trade

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On September 28, the rupee had stood at 74.06 against the US dollar

The Indian rupee lost 13 paise to 74.19 against the US dollar when trade opened on September 29, following a moderate trend in domestic stocks.

In the interbank forex market, the rupee opened at 74.18 against the dollar, then fell further to 74.19, recording a decline of 13 paise from its previous close.

On Tuesday, the rupee stood at 74.06 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading down 0.06% to 93.71.

On the national stock market front, the Sensex BSE traded 307.88 points or 0.52% lower at 59,359.72, while the broader NSE Nifty index lost 83.10 points or 0 , 47% at 17,665.50.

Meanwhile, foreign institutional investors were net sellers in the capital market on Tuesday as they dumped stocks worth 1,957.70 crore, according to exchange data.

Global benchmark Brent crude oil futures fell 1.32% to $ 78.05 a barrel.

“As US yields rise, the dollar index rises, as do oil prices,” said Anil Kumar Bhansali, head of the Treasury at Finrex Treasury Advisors.

According to Bhansali, the rupee should remain between 73.90 and 74.40. “The end-of-quarter sales of IT companies and the rebalancing of MSCI are expected to come as the RBI persists in limiting the currency’s volatility,” he noted.


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