Rupee opens 18 paise down; slips below 75 USD mark in early trade

Mumbai (Bombay): The rupee opened 18 paise lower & slipped below the 75 per US dollar mark in opening trade on Thu.

after the US Fed gathering minutes signalled in the central bank’s worry over COVID-19 & its effect on the economy.

The regional unit opened in 75 in the interbank forex market.

Afterwards lost field & reached 75.01 over the US dollar, down 19 paise over its last close of 74.82.

Meantime, the dollar index, that gauges the greenback’s strength over a basket of 6 currencies, rose 0.08 percent to 92.96.

Forex traders stated powerful dollar, weak national equities & muted Fed minutes weighed on investor feeling.

Source:XE currency converter

“The US dollar has strengthened overnight after the declare of US Federal Open Market Committee (FOMC) minutes that have been less dovish than awaited,” stated Abhishek Goenka, Creator & CEO, IFA Global.

According to the FOMC minutes, the committee members have expressed worry over the pursuing effect of COVID-19 on economic expansion.

On the national equity market front.

The 30-share BSE benchmark Sensex has been trading 298.34 points lower in 38,316.45 & the broader NSE Nifty fallen 75.25 points to 11,333.15.

Foreign institutional investors have been net buyers within the capital market as they bought shares value INR 459.01 cr on Wed., as per provisional exchange statistics.

Brent crude futures, the global oil benchmark, fallen 0.79 percent to USD 45.01 per barrel.

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