Rupee slips 3 paise to 74.57 against US dollar

The rupee noticed a marginal 3 paise loss to settle at 74.57 towards the US greenback on Friday as constant demand for the dollar from importers exerted strain on the home forex.

On the interbank foreign exchange market, the native unit opened at 74.53 towards the dollar and witnessed an intra-day excessive of 74.51 and a low of 74.66 in the course of the session. The native unit lastly ended the day at 74.57, down 3 paise over its final shut.

The Indian forex strengthened by 7 paise this week. Within the earlier week, it had gained 10 paise towards the American forex.

“The Indian rupee ended flat on Friday however appreciated for a second straight week towards the greenback, supported by inflows associated to IPO and the dovish Fed chairman feedback for the US financial coverage,” mentioned Sriram Iyer, Senior Analysis Analyst at Reliance Securities.

Nonetheless, on Friday, the rupee couldn’t maintain positive aspects because of constant greenback shopping for from state-run banks, seemingly on behalf of importers.

Risk of the Reserve Financial institution of India shopping for {dollars} by additionally prevented the forex from appreciating sharply, Iyer mentioned.

“Technically, the USD/INR Spot pair holds a resistance zone close to 74.60-74.88 ranges the place it holds a robust assist close to 74.30-74.25 ranges. It may see marginal upside momentum in coming week the place breakout above 74.85 is waited for additional upside motion,” Iyer added.

In the meantime, the greenback index, which gauges the dollar’s energy towards a basket of six currencies, fell 0.06 per cent to 92.56.

On the home fairness market entrance, the BSE Sensex ended 18.79 factors or 0.04 per cent decrease at 53,140.06, whereas the broader NSE Nifty declined 0.80 factors or 0.01 per cent to fifteen,923.40.

International oil benchmark Brent crude futures superior 0.37 per cent to $73.74 per barrel.