Rupee drops 15 paise to 74.55 against US dollar at start of trade

The Indian rupee depreciated 15 paise to 74.55 against the US dollar when trade opened on Thursday, as a moderate trend in domestic stocks and a firm US currency weighed on investor sentiment. In the interbank forex market, the rupee opened on a low note at 74.55, posting a decline of 15 paise since the last close.

On Wednesday, the rupee closed at 74.40 against the US dollar. Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.14% to 96.74.

Futures on Brent crude, the world’s benchmark for oil, rose 0.09% to $ 82.32 per barrel. Foreign institutional investors were net sellers in the capital market on Wednesday as they shuffled off shares worth Rs 5,122.65 crore, according to exchange data.

On the domestic stock market front, the 30-stock Sensex traded 15.74 points or 0.03% lower at 58,325.25, while the broad NSE Nifty lost 30.10 points or 0 , 17% at 17,384.95. The Indian rupee started on a lower note on Thursday morning, following the strength of the dollar, Reliance Securities said in a research note.

The dollar rose in the previous session thanks to hawkish minutes from the Federal Open Market Committee (FOMC) and bullish data in the United States. “Asian currencies and equities were generally trading weaker on Thursday morning and will weigh on sentiment,” the note added.

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