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Rupee slips 4 paise to close at 73.68 against US dollar

Prime News, National and International, Business, Mumbai, September 24:- The Indian rupee slipped 4 paise to close at 73.68 (provisional) against the US dollar on Friday (September 24), following weaker Asian peers against the American currency.

At the interbank foreign exchange market, the local currency opened at 73.77. It touched an intra-day high of 73.61 and a low of 73.78 during the day.

The rupee finally settled at 73.68 against the American currency, down 4 paise over its previous close. In the previous session on Thursday (September 23), the rupee had closed at 73.64 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 percent higher at 93.14.

“The Indian rupee depreciated following weakness in Asian peers and rebound in dollar after risk-off moods. Markets appear to have taken the decision of Federal Open Market Committee (FOMC) as hawkish as Treasuries moved higher while risk assets seen long unwinding,” said Dilip Parmar, Research Analyst, HDFC Securities.

Spot USD/INR is expected to trade in the range of 73.40 to 73.95 following month-end dollar demand and risk-off tones.

“Data docket remains light today amid the weekend, though plenty of Fed speakers will be on the wire which could bring back volatility in forex markets,” Parmar added.

Brent crude futures, the global oil benchmark, advanced 0.25 percent to USD 77.44 per barrel.

On the domestic equity market front, the BSE Sensex ended 163.11 points or 0.27 percent higher at a life-time high of 60,048.47. Similarly, the broader NSE Nifty advanced 30.25 points or 0.17 percent to close at a record 17,853.20.

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 357.93 crore, as per exchange data. (Inputs: Agencies, NGB)

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