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Rupee settles almost flat at 74.84 against US dollar

Tue July 28 2020


The Indian rupee settled for the day nearly flat at 74.84 (provisional) against the American dollar, lower by just 1 paisa on Tuesday.


At the interbank forex market, the rupee witnessed high volatility and touched an intra-day high of 74.71 and a low of 74.90 against the US dollar.


The rupee which opened at 74.86 against the US dollar finally closed at 74.84 against the US dollar, down by just 1 paisa over its last close of 74.83.


Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.25 per cent to 93.90.


Forex traders said firm domestic equities and steady crude oil prices supported the local unit, even as foreign fund outflows and rising COVID-19 cases weighed on investor sentiment.


Foreign institutional investors were net sellers in the capital market, as they sold equity shares worth Rs 453.31 crore on Monday, according to provisional exchange data.


Brent crude futures, the global oil benchmark, rose 0.23 per cent to $43.51 per barrel.


Source: Hindu business line.

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