Indian rupee opens lower at $75.02

25 April, 2021 12:00 AM printer

NEW DELHI: Indian rupee opened lower at 75.02 per dollar on Friday against previous close of 74.95, amid selling seen in the domestic equity market.

On April 22, rupee ended lower by 7 paise at 74.95 per dollar against Tuesday close of 74.88, report agencies.

The Sensex was down 140.76 points or 0.29% at 47939.91, and the Nifty was down 28 points or 0.19% at 14378.20.

The dollar was hemmed into a narrow trading range on Friday as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week.

The rupee has so far significantly underperformed its Asian peers and remained under pressure despite a weakening dollar. With the dollar expected to find fresh strength due to expected rise in corporate taxes, we expect the depreciation trend in the rupee to continue towards 76 levels, said ICICI Direct.