Rupee depreciates 5 paise to 74.28 against US dollar in early trade
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The Indian rupee depreciated 5 paise to 74.28 against the US dollar in opening trade on Wednesday as firm American currency and rising crude oil prices weighed on investor sentiment. At the interbank foreign exchange, the rupee opened at 74.23 against the doRupee depreciates 5 paise to 74.28 against US dollar in early trade
The Indian rupee depreciated 5 paise to 74.28 against the US dollar in opening trade on Wednesday as firm American currency and rising crude oil prices weighed on investor sentiment. At the interbank foreign exchange, the rupee opened at 74.23 against the dollar, then fell further to 74.28, registering a fall of 5 paise over its previous close. On Tuesday, the rupee had settled at 74.23 against the US dollar. «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. Moreover, Asian currencies have started flat to marginally weaker against the greenback this Wednesday morning and could also weigh on the local unit, the note added. Global oil benchmark Brent crude futures rose 0.41 per cent to USD 75.07 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was unchanged Read more