Indian rupee slips 5 paise to 74.17 against US dollar in early trade

The Indian Rupee rejected 5 Paise to 74.17 against the US dollar in opening trading on Monday, in line with his colleagues in Asia amid strengthening American currencies in foreign markets on the market.

In the interbank foreign exchange, Rupee opened at 74.16 against the dollar, then fell further to 74.17, registering falling 5 Paise as long as it was closed before.

On Friday, Rupee has settled at 74.12 against the US dollar.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, traded up 0.02 percent at 94.05.

At the front of the domestic equity market, BSE Sensex traded 621.28 points or 1.06 percent higher at 59,386.86, while the nifty nifty rose 185.80 points or 17.717.85.

Meanwhile, foreign institutional investors are clean buyers in the capital market on Friday, when they buy shares worth Rs 131.39 Crore, according to data exchange.

Global Oil Benchmark Brent Crude futures fell 0.32 percent to USD 79.03 per barrel.

The Indian Rupee opened weaker Monday morning against the dollar, tracking losses in Asian market currencies and developing countries on new concerns over the debt problem of the Chinese Group Evergrande, said Sriram Iyer, senior research analyst at Reliance Securities.

This week’s focus will develop in Evergrande and at the RBI monetary policy meeting and US monthly work reports, he said.

The Bank of India’s monetary policy committee of the Bank of India is expected to maintain a key level does not change but can indicate the beginning of the transfer of accommodative monetary policy, added Iyer.