Rupee drops 17 paise to 74.79 against US dollar when trade opens

The rupee depreciated 17 paise to 74.79 against the US dollar when trade opened on Thursday, following a strong dollar abroad and subdued sentiment towards domestic stocks.

However, falling crude prices and new inflows of foreign funds have limited the fall of the rupee, traders said.

At the interbank exchange rate, the domestic unit opened weakly at 74.75 against the dollar, then fell further to 74.79 in the morning session, recording a decline of 17 paise from its previous close.

In the previous session, the rupee stood at 74.62 against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, jumped 0.11% to 92.74.

On the domestic stock market front, BSE Sensex traded 74.49 points or 0.14% lower to 52,980.27, while the wider NSE Nifty slipped 31.70 points to 15,847.95 .

Foreign institutional investors were net buyers in the capital market on Wednesday as they bought shares worth Rs 532.94 crore, according to exchange data.

Global benchmark Brent crude oil futures fell 0.07% to $ 73.38 per barrel.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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