Forex

Rupee drops 17 paise to 72.62/USD

PTI Mumbai | Updated on May 31, 2021

‘FPI flows, combined with no action from the RBI, could strengthen the rupee’

Halting its three-day winning run, the rupee on Monday declined by 17 paise to close at 72.62 (provisional) against the US dollar tracking the strengthening of the American currency in the overseas market.

At the interbank foreign exchange market, the domestic currency opened at 72.38 but pared the gains to close at 72.62 a dollar, registering a decline of 17 paise over its previous close of 72.45.

During the session, the local unit hit an intra-day high of 72.34 and a low of 72.65.

Also read: Can gold touch ₹50,000 this week?

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 90.07.

On the domestic equity market front, the BSE Sensex ended 514.56 points or 1 per cent higher at 51,937.44, while the broader NSE Nifty gained 147.15 points or 0.95 per cent to close at 15,582.80.

Brent crude futures, the global oil benchmark, rose 1.06 per cent to USD 69.45 per barrel.

Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 913.59 crore, as per exchange data.

Also read: Global 360: Rupee strengthens amid a stable dollar

 

Published on May 31, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.