Rupee drops 25 paise to close at 69.42 against dollar as forex traders turn cautious in holiday-truncated week
The rupee on Monday declined by 25 paise to close at 69.42 against the US dollar as forex traders turned cautious in a holiday-truncated week
Forex and equity markets will remain shut on Wednesday on account of Mahavir Jayanti
Most of the major financial markets are closed on Friday for the start of the Easter holidays
The rupee on Friday had closed 25 paise lower at 69.17 to the US dollar
Mumbai: The rupee on Monday declined by 25 paise to close at 69.42 against the US dollar as forex traders turned cautious in a holiday-truncated week.
At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.07 a dollar and fell further to touch the day's low of 69.46. It finally settled at 69.42 per dollar, down 25 paise over its previous close.
The rupee on Friday had closed 25 paise lower at 69.17 to the US dollar.
"Rupee continues to consolidate in a holiday-truncated week," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.
Forex and equity markets will remain shut on Wednesday on account of "Mahavir Jayanti" while most of the major financial markets are closed on Friday for the start of the Easter holidays.
Forex traders said easing crude oil prices in the overseas market, sustained foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 713 crore on Monday, according to the provisional data.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 percent to 96.83.
Meanwhile, Brent crude futures, the global oil benchmark, fell 0.84 percent to trade at $70.95 per barrel.
Equity benchmark Sensex added another 139 points on Monday, marking third straight session of gains, as encouraging the start of the earnings season by IT major TCS boosted investors' sentiment.
The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.2293 and for rupee/euro at 78.3002. The reference rate for rupee/British pound was fixed at 90.6193 and for rupee/100 Japanese yen at 61.84.
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The rupee surged by 33 paise to close at 68.41 against the US dollar on Wednesday amid the greenback's weakness against key rivals overseas, even as oil prices firmed up on supply concerns
The rupee on Tuesday recovered from the day's low to finally settle at 68.74 against the US dollar with gains of 40 paise amid sustained foreign fund inflows and heavy buying in domestic equities
The rupee on Wednesday fell further by 28 paise to 69.71 against the US currency, extending its losses for the third straight day due to escalating US-China trade tensions and a massive selloff in domestic equity markets