{"id":28445,"date":"2020-06-24T22:40:45","date_gmt":"2020-06-24T17:10:45","guid":{"rendered":"https:\/\/kashmir.today\/?p=28445"},"modified":"2020-06-24T22:40:45","modified_gmt":"2020-06-24T17:10:45","slug":"rupee-settles-6-paise-lower-at-75-72-against-us-dollar","status":"publish","type":"post","link":"https:\/\/kashmir.watch\/?p=28445","title":{"rendered":"Rupee settles 6 paise lower at 75.72 against US dollar"},"content":{"rendered":"\n\n\n

PTI<\/a><\/p>\n\n\n\n

Mumbai:<\/strong> The rupee pared its early gains to settle down by 6 paise at 75.72 against the US currency due to concerns over fresh trade tensions between the EU and the US and rising COVID-19 cases.<\/p>\n\n\n\n\n\n

Forex traders said factors like weak domestic equities and India-China border tension also weighed on investor sentiment.<\/p>\n\n\n\n

The rupee opened at 75.61 against the US dollar, but lost ground and closed at 75.72, registering a fall of 6 paise over its previous close.<\/p>\n\n\n\n\n\n

It had settled at 75.66 against the greenback on Tuesday.<\/p>\n\n\n\n

“Local equities fell during late trades and FII outflows led gains in dollar demand. Local stocks indices fell Wednesday tracking a weak opening in European shares and a correction in US index futures amid concerns over rising COVID-19 cases. Rupee is taking resistance near 75.60 and support near 76.00,” said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.<\/p>\n\n\n\n\n\n

Reports suggesting that the Trump administration is examining levying tariffs on around USD 3.1 billion of imports from European countries hit market sentiment.<\/p>\n\n\n\n

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 96.81.<\/p>\n\n\n\n\n\n

Brent crude, the global oil benchmark, fell 0.87 per cent to USD 42.26 per barrel in futures trade.<\/p>\n\n\n\n

Indian stocks also cut short their four-day rally due to weak cues from global markets.<\/p>\n\n\n\n\n\n

The 30-share index settled 561.45 points, or 1.58 per cent, lower at 34,868.98. The NSE Nifty fell 165.70 points, or 1.58 per cent, to 10,305.30.<\/p>\n\n\n\n

Foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 168.96 crore on Tuesday, according to provisional exchange data.<\/p>\n\n\n\n\n\n

Traders said rupee traded lower Wednesday on likely overseas outflows from local stocks. Moreover, profit booking in domestic equities and dollar demand from gold importers dragged rupee lower, they added.<\/p>\n\n\n\n

According to Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, “the foreign fund inflows have been absorbed by the central bank dollar buying which are limiting the rupee movements.”<\/p>\n\n\n\n\n\n

Vakil further noted that the dollar has found some support due to softening risk appetite. Forex market shrugged off concerns about the US-China trade situation but the ongoing spike in COVID-19 cases in the US helped the safe-haven greenback.<\/p>\n\n\n\n\n\n

“Risk appetite is turning positive as economies are opening up giving rise to better-than-expected US and Eurozone economic data. However, the risk of Indo-China border still prevails. In our opinion it won’t escalate but will continue to grapple the market sentiments,” Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.<\/p>\n\n\n\n\n\n

Investor sentiment remained fragile amid rising coronavirus cases across the world.<\/p>\n\n\n\n

The number of cases around the world linked to the disease has crossed 92.73 lakh and the death toll has topped 4.77 lakh.<\/p>\n\n\n\n\n\n

In India, the death toll due to COVID-19 rose to 14,476 and the number of infections spiked to 4,56,183, according to the health ministry.<\/p>\n\n\n\n

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee\/dollar at 75.7549 and for rupee\/euro at 85.3308. The reference rate for rupee\/British pound was fixed at 94.3396 and for rupee\/100 Japanese yen at 70.67.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"

PTI Mumbai: The rupee pared its early gains to settle down by 6 paise at 75.72 against the US currency due to concerns over fresh trade tensions between the EU and the US and rising COVID-19 cases. Forex traders said factors like weak domestic equities and India-China border tension also weighed on investor sentiment. The […]<\/p>\n","protected":false},"author":1,"featured_media":23220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-28445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/28445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28445"}],"version-history":[{"count":0,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/28445\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}