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Rupee slips 7 paise to 73.42 against US dollar

Mon Oct 19 2020


The rupee opened on a flat note and depreciated 7 paise to 73.42 against the US dollar in opening trade on Monday on fresh demand for the US currency from crude and gold importers.


However, capital inflows and strong domestic equities limited the local currency’s fall to some extent.


The local unit opened at 73.38 against the US dollar at the interbank forex market, then lost ground and touched 73.42, down 7 paise over its previous close.


On Friday, the domestic unit settled at 73.35 against the greenback.


“Rising COVID-19 cases has prompted investors to move towards the safe haven appeal of the US dollar,” Reliance Securities said in a research note.


The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.09 per cent to 93.76.




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