Rupee slips 7 paise to close at 74.15 against USD
Mumbai: The rupee gave up intra-day gains to settle 7 paise lower at 74.15 against the US dollar on Monday, tracking weaker Asian peers against the greenback.
Higher crude oil prices also put pressure on the Indian currency.
At the interbank foreign exchange, the domestic currency opened higher at 73.95 a dollar 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.
Forex traders said that the rupee declined in spite of record buying in equities as strengthening the US dollar against key rivals in Asia and elsewhere turned sentiment unfavorable in the domestic forex market.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 percent to 92.35.
Brent crude futures, the global oil benchmark, rose 2.15 percent to USD 40.30 per barrel.
Sriram Iyer, Senior Research Analyst at Reliance Securities, said, the rupee is likely to "appreciate marginally over the next few days amid portfolio flows into the domestic markets and a weaker US dollar. The only factor limiting the gains of the currency will be RBI coming in and mopping up the flows."
Exchange data showed that foreign investors bought equities worth Rs 4,548.39 crore on a net basis on Monday.
On the equity market front, the BSE Sensex ended 704.37 points or 1.68 percent 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 percent.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
India moving towards becoming global economic powerhouse: Kovind
_vb_69.jpeg)
Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
