Rupee declines 8 paisa nearly 72.99 against US dollar

On Friday, the rupee fell 8 paisa nearly 72.99 against US dollar. The forex market participants were concentrating on RBI’s policy measures that desires to resolve the COVID 19 impact on the Indian economy.

The local unit opened on a weak note at 73.00 against the greenback and observed an intra-day high of 72.95 and a low of 73.13 at the interbank forex market. On Thursday, the rupee had settled on 72.91 against the US dollar and eventually concluded at 72.99 registering a 8 paisa fall.

Reserve Bank of India determined to leave benchmark interest rate untouched at 4 percent but carried on to maintain an accommodative stance amid the second COVID wave. “Monetary Policy Committee voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target,” commented RBI governor Shaktikanta Das.

The dollar index that measures the greenback’s strength against six currencies, increased 0.01 percent to 90.51. The global oil benchmark, Brent crude futures increased 0.49 percent to USD 71.66 per barrel.

Considering the Domestic Equity Market, The BSE Sensex  ended 132.38 points or 0.25 percent lower at 52,100.05.  The broader NSE Nifty shrank 20.10 points or 0.13 percent to 15.670.25.

As per exchange data, on Thursday the net buyers in the Capital market were the Foreign institutional investors. They acquired shares worth Rs 1,079.20.

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