Indian rupee drops, high oil prices weigh on currency

Dubai - Global oil prices were trading at around $74.30 per barrel on Tuesday.



By Staff Report

Published: Tue 29 Jun 2021, 10:12 AM

Last updated: Tue 29 Jun 2021, 12:58 PM

The Indian rupee fell seven paise to 74.26 versus the US dollar, or 20.23 against Emirati dirham, on Tuesday morning, weighed down by rise in crude prices and muted equity markets.

“Asian currencies are trading in a small range, and equities are unable to cross the recent highs as Delta plus variant of Covid keeps investors on edge,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

He expects rupee to trade between 74.10 to 74.40 during the day.

Meanwhile, global oil prices were trading at around $74.30 per barrel on Tuesday. While the dollar index was up 0.07 per cent at 91.95.

The Bombay Stock Exchange (BSE) was trading 148.85 points or 0.28 per cent, down at 52,586.74 points and the NSE Nifty fell 43.25 points to 15,771.45 points.


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