Rupee settles 5 paise lower at 75.76 due to escalating tension between US and China

The rupee on Thursday settled 5 paise down at 75.76 against the US dollar amid escalating tension between the US and China

Press Trust of India May 28, 2020 14:51:43 IST
Rupee settles 5 paise lower at 75.76 due to escalating tension between US and China

Mumbai: The rupee on Thursday settled 5 paise down at 75.76 against the US dollar amid escalating tension between the US and China.

Forex traders said the rupee traded in a narrow range as positive domestic equities and improving risk appetite were offset by a flare-up in US-China tensions.

At the interbank forex market, the rupee opened weak at 75.90, but pared most initial losses and finally settled at 75.76 against the US dollar, down 5 paise over its last close.

It had settled at 75.71 against the US dollar on Wednesday.

During the session, the local unit witnessed an intra-day high of 75.69 and a low of 75.90.

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On the domestic equity market front, the 30-share benchmark Sensex was quoting 437.12 points higher at 32,042.34 and the broader Nifty rose 136.30 points to 9,451.25.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.02 percent to 99.07.

Meanwhile, the US and China clashed over Hong Kong at the UN Security Council, with Washington calling a meeting over the controversial national security law introduced by Beijing to tighten its control on the former British colony.

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