Rupee slips 21 paise to 75.85 in early trade; investors concern over uncertainty as coronavirus cases rise
Banking, Call Money Market, Coronavirus, Coronavirus Outbreak, Coronavirus Pandemic, COVID-19, Currency, Currency Market, Dollar, Dollars, Forex, Government Securities Market, NewsTracker, RBI, Rupee, US Dollar, US Dollars
Mumbai: The Indian rupee fell 21 paise to 75.85 against the US dollar in opening trade on Wednesday, as investors braced for a prolonged period of uncertainty as coronavirus cases rise.
Forex traders said rising brent prices and firm US dollar index weighed on the local unit.
The rupee opened weak at 75.83 at the interbank forex market and then fell further to 75.85, down 21 paise over its last close.
The rupee had settled at 75.64 against the US dollar on Tuesday.
According to Reliance Securities rising brent prices and firm US Dollar Index could limit gains for the rupee.
"Risk appetite could remain weak as US equity markets gave up gains, while Asian equities have started marginally lower this Wednesday morning," it noted.
Brent crude futures, the global oil benchmark, rose 2.51 percent to $32.67 per barrel.
Foreign institutional investors (FIIs) were net buyers in the capital markets, as they sold bought shares worth Rs 741.77 crore on Tuesday, as per provisional data.
Domestic bourses opened on a bullish note with benchmark indices Sensex trading 1000.14 points up at 31,067.35 and Nifty up 144.75 points at 8,936.95.
The dollar index, which gauges the greenback''s strength against a basket of six currencies, rose by 0.27 percent to 100.16.
It said that more than 45.37 crore vaccine doses have been provided to states and UTs so far through all sources and a further 59,39,010 doses are in the pipeline
COVID-19 vaccine production increasing, India may be first country to have DNA-based jab, Mansukh Mandaviya tells RS
Replying to a short discussion on COVID-19 management in Rajya Sabha, the minister said technology transfer to several companies has started and they will begin production in the coming days
Tracking the Indian women's hockey team's fortunes over the last two years heading into Tokyo 2020 Olympics