The Indian rupee slipped five paise to 74.28 against the US dollar (20.23 against the UAE dirham) in opening trade on Wednesday.
01 July 2021, 12:00 AM
31 July 2021, 12:00 AM
Indian currency opened 74.28 against the US dollar, lower by 5 paise against its previous close. The Indian rupee is at 20.23 against the UAE dirham.
Reliance Securities said in a research note:“The obvious risk for the rupee is increasing Covid-19 delta variant cases, which continues to lend support to the greenback and could weigh on sentiments back home."
Moreover, Asian currencies have started flat to marginally weaker against the greenback on Wednesday morning and could also weigh on the Indian currency, the note added.
The dollar index, which measures the US currency’s strength against a basket of six currencies is unchanged at 92.05. As per the exchange data released, the foreign institutional investors were net sellers in the Indian share market, as they offloaded shares worth Rs 1,244.71 crore.
Global oil benchmark Brent crude futures rose 0.41 per cent to $75.07 per barrel.