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Indian rupee declines against dollar at the opening of the market

The dip came after the Reserve Bank of India (RBI) left benchmark lending rates unchanged

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The Indian rupee slipped below 75 against the US dollar on Thursday morning after the Reserve Bank of India (RBI) left benchmark lending rates unchanged.

At the Indian interbank foreign exchange, the rupee opened flat at 74.90 against the US dollar, but then slipped further to 75.05 (20.44 against the UAE dirham), registering a decline of 21 paise from Wednesday’s close.

RBI Governor Shaktikanta Das said the central bank will continue with the accommodative stance to revive and sustain growth on a durable basis.

Forex traders in India said the rupee was also impacted by the strength of the American currency, higher crude oil prices and sustained foreign fund outflows.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.05 per cent to 95.53.

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Meanwhile, global oil benchmark Brent crude futures jumped by 0.04 per cent to $91.59 per barrel.

On the Indian equity market front, the 30-share Sensex was trading 156.33 points or 0.27 per cent higher at 58,622.30 points while the broader NSE Nifty advanced 57.80 points or 0.33 per cent to 17,521.60 points.

(With inputs from PTI)

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