In early trade on Wednesday, the Indian Rupee fell 15 paise to 74.70 against the US dollar, owing to a lack of risk tolerance in the area. Investor mood was also dragged down by a strong dollar, rising crude oil prices, and widespread weakness in the local stock market, according to forex traders.
The rupee started at 74.60 versus the dollar on the interbank foreign exchange, then slipped to 74.70, a drop of 15 paise from its previous finish. The rupee was trading at 74.55 versus the US dollar on Tuesday. Asian currencies have begun the day lower versus the US dollar, which might affect mood.
Reliance Securities stated in a research note that the rupee opened lower versus the greenback on Wednesday, owing to broad dollar strength and weak regional growth potential. Brent crude futures declined 0.03 percent to USD 74.55 a barrel, the global benchmark.
The dollar index, which measures the strength of the greenback against a range of six currencies, was lower to 0.03 percent at 92.52 prior to the release of the Fed's June meeting notes. On the internal front, the BSE Sensex was up 14.54 points, or 0.03 percent, to 52,875.72, while the wider NSE Nifty was up 0.60 points at 15,817.65.
According to exchange statistics, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 543.30 crore.
Stock Market Fell Down
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