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Indian currency drops by 18 paise to 73.53 against US dollar in early trade

The Indian rupee  drops by 18 paise to 73.53 against the US dollar in opening trade on Tuesday tracking weak domestic equities and strong American currency. Forex traders stated agitation over rising Covid-19 cases also influenced on investors’ sentiment.

The domestic unit opened lower at 73.47 against the dollar, and lost further ground and touched 73.53, showing a drop of 18 paise over its prior close at the interbank foreign exchange.

The domestic unit started on a feeble note against the dollar tracking decline in Asian shares and currencies on distress over rising US inflation expectations, Reliance Securities stated in a research note. Most of the Asian currencies are being traded weakly against the dollar and could influence on sentiments which is also stated by the note, adding that markets will also await domestic IIP and CPI data this week. 

In the equity market, the 30-share BSE Sensex was trading 336.74 points or 0.68 per cent lower at 49,165.67. Similarly, the broader NSE Nifty slipped 97.10 points or 0.65 per cent to 14,845.25.

According to the Health Ministry the single day spike of 3,29,942 Covid-19 infections, 3,876 fatalities has pushed India’s tally of cases to 2,29,92,517, and death toll to 2,49,992. Active Covid-19 cases in country recorded at 37,15,221 . 

In the equity market, the 30-share BSE Sensex was trading 336.74 points or 0.68 per cent lower at 49,165.67. Similarly, the broader NSE Nifty slipped 97.10 points or 0.65 per cent to 14,845.25. The dollar index, which scales the greenback’s strength against a basket of six currencies, was trading higher by 0.03 per cent at 90.23. Brent crude futures, the global oil standard, were down by 0.67 per cent to USD 67.86 per barrel.

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