Indian equities drop, rupee follows

On Thursday, the rupee had closed at 74.30 against the US dollar.



PTI file
PTI file

By Staff Reporter

Published: Mon 22 Nov 2021, 9:55 AM

The Indian rupee depreciated five paise to 74.35 against the US dollar (20.25 versus the UAE dirham) in opening trade on Monday, as a massive sell-off in domestic equities and firm US dollar weighed on investor sentiment.

At the Indian interbank foreign exchange, the rupee opened weak at 74.36 but edged up to 74.35 against the American dollar, registering a fall of five paise in the early session.

On Thursday, the rupee had closed at 74.30 against the US dollar. Markets were closed on Friday on the occasion of Guru Nanak Jayanti’.

On the Indian equity market front, the 30-share Sensex was trading 641.37 points or 1.08 per cent lower at 58,994.64, while the broader NSE Nifty declined 179.25 points or 1.01 per cent to 17,585.55.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.10 per cent to 96.12.

However, lower crude prices supported the Indian rupee and restricted the fall.

Global oil benchmark Brent crude futures declined 0.19 per cent to $78.74 per barrel.

(with inputs from PTI)


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