Rupee falls 20 paise to 73.58 in opposition to US greenback in early commerce


The Indian rupee fell 20 paise against the US dollar to 73.58 on Wednesday, hurt by the strength of the greenback and weak domestic stocks.

In the interbank foreign exchange market, the domestic unit opened at 73.56 against the US dollar, then fell further to 73.58, down 20 paises from the previous close.

On Tuesday, the rupee leveled off at 73.38 against the US currency.

Most Asian currencies were weak this Wednesday morning and will weigh on sentiment, traders said.

The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.13 percent to 93.41.

“The US dollar was flat to higher against the basket of currencies this Wednesday morning in Asian trading as investors bet massive fiscal stimulus and aggressive vaccinations will help the US lead a global recovery from the pandemic,” Reliance Securities said in one Research report.

As for the dates, the government is expected to announce an April-September loan plan. In addition, the government is expected to publish data on the budget deficit from April to February. RBI is also expected to release the account information from October through December, the note added.

In the domestic stock market, the 30-share BSE benchmark, Sensex, traded 422.74 points lower at 49,713.84, and the broader NSE Nifty fell 96.85 points to 14,748.25.

Foreign institutional investors were net buyers in the capital markets when they bought shares valued at £ 769.47 billion on Tuesday, according to stock market figures.

Brent crude oil futures, the global oil benchmark, rose 0.48 percent to $ 64.45 a barrel.