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Thursday
February 2020
10:20 AM IST
News Headlines
Ishant is hitting good areas, Prithvi should follow instincts: Kohli hints on playing XI        PCB chief hints at Pakistan giving up Asia Cup hosting rights        First 5G handset in India likely to be priced at Rs 50,000        Coronavirus outbreak to hit global growth; to have limited impact on India: RBI Guv        Death toll from China virus surges past 2,000        Necessary to prevent statelessness when nationality laws are changed: UN chief        Maha CM visits Shivneri Fort on Shivaji''s birth anniversary        Can transport minister come to explain govt proposal for introducing EVs, asks SC        SC upheld right to protest but other citizens also have rights: Interlocutors at Shaheen Bagh        Won't rule out playing 2023 World Cup, says Taylor        Sachin Tendulkar wins Laureus Sporting Moment Award for 2011 WC triumph        Messi, Hamilton share Laureus World Sportsman of Year honour; Biles gets third award        Kerala tourism eyes robust growth in domestic tourist footfalls in 2020        RBI Governor says no reason to doubt govt will meet fiscal deficit targets        UK budget on March 11 as planned: new finance minister        Wuhan hospital director dies of coronavirus        Opening of Kartarpur Corridor practical proof of Pakistan's desire for peace, says UN chief        People of Delhi taught a lesson to BJP which it will remember for long time: Gehlot        Delhi court sends Sharjeel to judicial custody till Mar 3 in New Friends Colony anti-CAA violence case        Prashant Kishor questions Nitish Kumar's development in Bihar        
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Business News
Rupee slips 22 paise to 71.40 against USD on strong dollar demand
 
Mumbai: The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas.

Forex traders said the rupee traded weak largely owing to strengthening of the US dollar ahead of the non-farm payrolls number scheduled to be released later in the day.

At the interbank foreign exchange market, the local currency opened on a weak note at 71.26.

During the day, the local unit lost further ground and touched a low of 71.49, before finally settling for the day at 71.40 against the US dollar, down 22 paise over its previous close.

The domestic unit had settled at 71.18 on Thursday.

On a weekly basis, the rupee lost 8 paise.

"Rupee traded weak on Friday as dollar scaled high towards 71.35, mainly on back of on weakening risk appetite amid a strong greenback ahead of US non-farm payroll data due later today," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 98.58.

"Volatility for the rupee in the first half of the session remained low but in the latter half the currency started to come under pressure," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa further said on the domestic front, market participants will be keeping an eye on inflation number that will be released next week; expectation is that the inflation could inch higher and that could further weigh on the rupee.

On the domestic market front, the 30-share BSE Sensex fell 164.18 points or 0.40 per cent to 41,141.85. The broader NSE Nifty settled lower by 39.60 points or 0.33 per cent at 12,098.35.

The 10-year Indian government bond yield was at 6.44 per cent.

Meanwhile, the global crude benchmark Brent futures fell 0.15 per cent to trade at USD 54.85 per barrel.

Foreign institutional investors sold equities worth Rs 560.36 crore on a net basis on Thursday, according to provisional exchange data.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.2558 and for rupee/euro at 78.3804. The reference rate for rupee/British pound was fixed at 92.5195 and for rupee/100 Japanese yen at 64.82.


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