Rupee skids 13 paise to 73.51 against US dollar in early trade

Topics Rupee | US Dollar | Currency

Representative image

The rupee depreciated 13 paise to 73.51 against the US dollar in opening trade on Tuesday tracking muted domestic equities.

At the interbank forex market, the rupee opened on a weak note at 73.50, then fell further to 73.51, registering a fall of 13 paise over its last close.

The rupee strengthened by 7 paise to close at 73.38 against the US dollar on Monday.

"Most of the Asian currencies have started marginally weak this Monday and could weigh on sentiments," Reliance Securities said in a research note.

Markets could also track weakness in the equities. Most Asian equities have started on a negative note on global risk aversion, it added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 per cent to 93.52.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 290.04 points lower at 37,744.10 and broader NSE Nifty slipped 95.10 points to 11,155.45.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 539.81 crore on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.46 per cent to USD 41.63 per barrel.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel