: Rupee extends losses for 3rd day, skids 18 paise to 73.60 per US$ #finance #StockMarketNEWS #Business PTI Mumbai Depreciating for the third consecutive session, the Indian rupee fell 18 paise

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Rupee extends losses for 3rd day, skids 18 paise to 73.60 per US$ #finance #StockMarketNEWS #Business
PTI



Mumbai



Depreciating for the third consecutive session, the Indian rupee fell 18 paise to close at 73.60 against the US dollar on Wednesday amid a strong greenback overseas and a muted trend in domestic equities.



At the interbank foreign exchange market, the local currency opened weak at 73.48 and dropped to a low of 73.70 intra-day. It finally finished at 73.60 against the greenback, down 18 paise over its previous close.



In the previous session, the rupee had closed at 73.42.



“Indian rupee depreciated for the third day in a row following the rebound in dollar against major trading currencies. Large corporate outflows, rise in global yields and hedging dollar demand weighed on local currency,� said Dilip Parmar, Research Analyst, HDFC Securities.



The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.23 per cent higher at 92.72.



Brent crude futures, the global oil benchmark, rose 0.80 per cent to USD 72.26 per barrel.



On the domestic equity market front, the BSE Sensex ended 29.22 points or 0.05 per cent lower at 58,250.26, while the broader NSE Nifty declined 8.60 points or 0.05 per cent to 17,353.50.



Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 145.45 crore, as per exchange data.



According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee extended losses against the dollar, weighed down by uptrend in the dollar index and importer hedging.



“The local unit weakened to a near-two-week low of 73.70 amid speculation on dollar buying by oil companies but trimmed some losses on dollar sales by exporters,� Iyer said.



Other Asian currencies came under pressure after the dollar index continued its upward momentum ahead of the European Central Bank (ECB) meeting on Thursday and weighed on sentiments back home,Iyer added.
The post Rupee extends losses for 3rd day, skids 18 paise to 73.60 per US$ appeared first on The Navhind Times.

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