Rupee pares initial gains, settles 10 paise lower at 75.17/dollar

The rupee on Tuesday pared its initial gains to settle 10 paise lower at 75.17 (provisional) against the as investor concerns grew over fresh impact of new COVID variant on the economy.

At the interbank foreign exchange market, the local currency opened on a strong note at 74.91 and witnessed an intra-day high of 74.86 and a low of 75.19 against the in a highly volatile trading session.

The local unit finally settled at 75.17 a dollar, down 10 paise over its previous close.

The rupee on Monday dived 18 paise to close at a five-week low of 75.07 against the on worries over the new coronavirus variant.

The appreciation bias in the rupee was curtailed, as investor concern has resurfaced about how much damage the new Omicron coronavirus variant may unleash on the economy, traders said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.68 per cent down at 95.69.

Meanwhile, Brent crude futures, the global oil benchmark, declined 2.85 per cent to USD 71.35 per barrel.

On the domestic equity market front, the BSE Sensex ended 195.71 points or 0.34 per cent lower at 57,064.87, while the broader NSE Nifty declined 70.75 points or 0.41 per cent to 16,983.20.

Foreign institutional investors were net sellers in the capital market on Monday, as they offloaded shares worth Rs 3,332.21 crore, according to exchange data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Read on The Source