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.
Minor girl kidnapped and raped; main accused and two cafe owners held
Latur (PTI): A minor girl was allegedly kidnapped and raped by an 18-year-old man in Latur, leading to the arrest of the main accused and owners of two cafes where the crime occurred on December 4, police said on Saturday.
Police traced the girl within hours of registering the complaint. The accused, identified as Rihan Gulab Shaikh, was arrested based on the girl's complaint. Two others are owners of two cafes where the crime occurred, police said.
Police registered a case under various sections of the Bharatiya Nyay Sanhita (BNS), POCSO Act, and the Prevention of Atrocities Act, an official said.
