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Rupee settles seven paise lower at 74.15 against US dollar

Higher crude oil prices also put pressure on the Indian currency

Rupee | Dollar | US Dollar

Press Trust of India  |  Mumbai 

Rupee, Currency, Indian currency
Photo: Shutterstock

The surrendered all its early gains to settle 7 paise lower at 74.15 (provisional) against the on Monday, in line with weaker Asian peers against the greenback.

Higher also put pressure on the Indian currency.

At the interbank foreign exchange (forex), the domestic currency opened sharply higher at 73.95 a and gained further strength to touch a high of 73.83 during the day.

It, however, could not hold on to the gains and finally settled at 74.15 against the greenback, 7 paise lower over its previous close.

In the previous session, the had gained 28 paise to end at 74.08 against the

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 92.35.

Brent crude futures, the global oil benchmark, rose 2.15 per cent to USD 40.30 per barrel.

Forex traders said that the declined in spite of record buying in equities as strengthening against key rivals in Asia and elsewhere turned sentiment unfavourable in domestic forex market.

On the equity front, the BSE Sensex ended 704.37 points or 1.68 per cent higher at 42,597.43 -- its record closing high.

Similarly, the broader NSE Nifty ended at a lifetime high of 12,461.05, up 197.50 points or 1.61 per cent.

(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.)

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First Published: Mon, November 09 2020. 16:36 IST