Rupee falls for 7th session
Extending its losses for seventh straight session, the rupee slipped by one paisa to end at 73.32 against the US dollar following risk-off sentiment among investors ahead of the outcome of the US Federal Reserve meeting.
image for illustrative purpose
Mumbai: Extending its losses for seventh straight session, the rupee slipped by one paisa to end at 73.32 against the US dollar following risk-off sentiment among investors ahead of the outcome of the US Federal Reserve meeting. At the interbank foreign (forex) exchange market, the rupee opened at 73.29 per dollar as against its previous close of 73.31. It hovered in the range of 73.26 to 73.38 during the day.
The domestic currency has lost 52 paise in the seven trading sessions to Wednesday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 90.50. "The USDINR spot remains in the mid-range ahead of the Federal Open Market Committee (FOMC) announcement. If the FOMC pushes back tapering talk, it will dismiss the uptrend in spot.
Otherwise any hint over the timing of tapering will continue the dollar rally, pushing the USDINR spot higher towards the crucial resistance of 73.50. a consistent trading above that will push prices towards 73.60-73.75, however a reversal may be bring the spot back to 72.75-73 zone," said Rahul Gupta, head (research- currency), Emkay Global Financial Services.
