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Rupee drops 11 paise to close at 74.35 against US dollar

Prime News, National and International, Business, Mumbai, August 17:- The rupee on Tuesday (August 17) declined by 11 paise to close at 74.35 (provisional) against the US currency due to a stronger dollar in the overseas markets.

At the interbank foreign exchange market, the domestic currency opened flat at 74.23 against the American currency but later slipped to close at 74.35.

During the session, the local unit touched an intra-day high of 74.21 and a low of 74.36 against the US currency. On Friday, the rupee had settled at 74.24 against the US dollar. The forex market was closed on Monday on account of ‘Parsi New Year.’

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 percent higher at 92.68.

Brent crude futures, the global oil benchmark, fell 0.37 percent to USD 69.25 per barrel.

On the domestic equity market front, the BSE Sensex ended 209.69 points or 0.38 percent higher at 55,792.27, while the broader NSE Nifty advanced 51.55 points or 0.31 percent to 16,614.60.

Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 1,088.32 crore, according to the exchange data. (Inputs: Agencies, NGB)

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