Rupee Trades At 74.90 Against The US Dollar, Down 3 Paise

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A muted trend in domestic equities and firm crude oil prices weighed on the rupee, which fell 3 paise to trade at 74.90 against the US dollar on Friday.

In day activity versus the US dollar, the local currency began at 74.82 and saw an intra-day high of 74.69 and a low of 74.94 on the interbank foreign exchange market.

The local currency eventually finished at 74.90 per dollar, a 3 paise decrease from the previous closing.

The global oil benchmark, Brent crude futures, rose 0.43 percent to USD 84.97 per barrel.

In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.18 percent at 93.60.

The rupee has gained 36 paise against the US dollar in the last week.

“The Indian rupee traded sideways for another day but manages to buck the trend by gaining on weekly basis as it recovered after four consecutive weekly loss following stronger Asian currencies, in particularly Chinese Yuan, which is near four months high versus dollar,” said Dilip Parmar, Research Analyst, HDFC Securities.

The rupee expected to trade in range as at one end there could be good dollar inflows from IPOs and QIP while month end dollar demand could be seen from oil marketing companies, Parmar added.

Emkay Global Financial Services said in a note, “The USD/INR spot has been on a bearish note this week tracking the fall in dollar index and higher risk appetite. The consolidation may continue even next week as the focus will be on the US flash PMI data…”

The BSE Sensex fell 101.88 points, or 0.17 percent, to 60,821.62, while the broader NSE Nifty down 63.20 points, or 0.35 percent, to 18,114.90 in the domestic equity market.

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