Rupee Extends Third Session Losses, Breaks 73 Against US Dollar

Extending losses for the third session in a row, the rupee fell 9 peas on Thursday to end at 73.06 (tentative) against the US dollar even as domestic stock markets stabilized with large gains.

Forex traders said the local unit is trading in a narrow range as investors looked to key US inflation data and the European Central Bank meeting later today for more ample information.

In the interbank foreign exchange market, the rupee opened at 72.96 per dollar against its previous close of 72.97.

It hovered between 72.94 and 73.12 during the day before ending at 73.06.

The national currency has lost 26 paise in the last three trading sessions.

Meanwhile, the dollar index, which rates the strength of the greenback against a basket of six currencies, rose 0.09% to 90.20.

On the national stock market front, the BSE Sensex finished up 358.83 points or 0.69% to 52,300.47, while the broader NSE Nifty index rose 102.40 points or 0 , 65% at 15,737.75.

Futures on Brent crude, the world’s benchmark for oil, rose 0.07% to $ 72.27 per barrel.

Foreign institutional investors were net sellers in the capital market on Wednesday as they shuffled off shares worth Rs 846.37 crore, according to exchange data.

(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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