Indian rupee settles at 74.88 against dollar

20 July, 2021 12:00 AM printer

The Indian rupee tumbled 31 paise to end at 74.88 (provisional) against the US currency on Monday, marking its second straight session of loss amid a lack lustre trend in domestic equities and strengthening of the greenback overseas.

At the interbank foreign exchange market, the rupee opened on a negative note at 74.73 per dollar as against its previous close of 74.57, report agencies.

It hovered in the range of 74.71 to 74.92 during the day before ending at 74.88.

The domestic currency has lost 34 paise in the two trading sessions to Monday.

“The Indian rupee depreciated after last week of consolidation amid risk-averse sentiments globally. The impact of inflows and lower crude oil prices have been priced in by the market while surging delta virus cases globally raised concerns for recovery,” said Dilip Parmar, Research Analyst, HDFC Securities.

The near-term focus will remain on risk sentiments with strength in dollar index, and spot USD-INR could break the psychological level of 75 in coming days while 74.50 becomes near term support, Parmar added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.27 percent to 92.93.