The Rupee opened on a flat note and rose 5 paise to 75.60 against the U.S. Dollar in early trade on Monday as weak greenback restricted the losses stemming from concerns over rising COVID-19 cases.

Forex traders said weak domestic equities, foreign fund outflows and rising COVID-19 cases weighed on investor sentiments. However, weak American dollar supported the local unit and restricted the decline.

The Rupee opened on a flat note at the interbank forex market at 75.64 against the U.S. Dollar, then gained some ground and touched 75.60 against the U.S. Dollar, up 5 paise over its last close. It had settled at 75.65 against the U.S. Dollar on Friday.

“Cues from Asia remained mixed as most Asian currencies were flat this Monday,” Reliance Securities said in a research note adding that “weak U.S. Dollar could offset losses stemming from fears of slowdown in the economy due rise in COVID-19 cases back home and globally.”

On the equities front, the 30-share BSE benchmark Sensex was quoting 470.15 points lower at 34,701.12 and the broader Nifty fell 93.85 points to 10,289.15.

Foreign institutional investors were net sellers in the capital market, as they sold equity shares worth ₹753.18 crore on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 1.93% to $40.23 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.11% to 97.32.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Not convinced? Know why you should pay for news.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here