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Rupee slips 7 paise to 74.87 against US dollar

Thu July 30 2020

 

The rupee fell seven paise to 74.87 against the US dollar in opening trade on Thursday after the US Federal Reserve reiterated its dovish stance and held interest rates steady.

 

At the interbank forex market, the rupee opened at 74.84, then lost further ground and touched 74.87 against the US dollar, down seven paise over its last close of 74.80.

 

“Fed policy statement was along expected lines. It acknowledged recent improvement in economic activity and financial conditions but said considerable risks to economic outlook remain over the medium term,” IFA Global Founder and CEO Abhishek Goenka said.

 

Goenka further said “US nominal yields are a tad lower and real rates even lower post the policy. The dollar continues to trade weak against majors (EUR, GBP, JPY, AUD, CAD and CHF). Equities and commodities continue to remain buoyed“.

 

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.07 per cent to 93.38.

 

Source: Hindu business line.

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