Rupee tumbles 25 paise to close at 74.93 against US dollar

PTI Mumbai | Updated on July 07, 2020

The rupee extended the losses and settled 25 paise lower at 74.93 (provisional) against the US dollar on Tuesday amid strengthening American currency and volatile trade in the domestic equity market.

Forex traders said foreign fund inflows and easing crude oil prices supported the rupee, while, factors like the strong dollar and rising Covid-19 cases dragged down the local unit.

The rupee opened weak at 74.74 at the interbank forex market, then lost further ground to settle at 74.93 against the US dollar, 25 paise lower than its previous close.

It had closed at 74.68 against the US dollar on Monday.

In a highly volatile trading session, the rupee witnessed an intra-day high of 74.68 and a low of 74.97 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 96.97.

Published on July 07, 2020

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