In early trade, the rupee fell 5 Paise to 74.28 versus the US dollar.
The rupee started at 74.23 versus the dollar on the interbank foreign exchange, then slipped to 74.28, a drop of 5 paise from its previous closing.
In early trade on Wednesday, the Indian rupee fell 5 paise to 74.28 versus the US dollar, as market confidence was dragged down by a strong US dollar and rising crude oil prices. The rupee started at 74.23 versus the dollar on the interbank exchange rates, then slipped to 74.28, a drop of 5 paise from its previous closing. The rupee was trading at 74.23 versus the dollar on Tuesday.
"The obvious risk for the rupee is increasing Covid-19 delta variant cases, which continues to lend support to the greenback and could weigh on sentiments back home," Reliance Securities said in a research note.
Furthermore, Currency value have begun the day flat to slightly lower against the greenback, which might pressure on the local currency, according to the report.
Brent crude futures climbed 0.41 percent to USD 75.07 per barrel, the global standard. The dollar index, which measures the strength of the greenback against with a basket of six currencies, remained steady at 92.05.
On the local level, the BSE Sensex was up 197.42 points, or 0.38 percent, at 52,747.08, while the wider NSE Nifty was up 54.50 points, or 0.35 percent, at 15,802.95. On Tuesday, foreign investors were net purchasers in the capital market, purchasing shares worth Rs 116.63 crore, a new high.
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