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This article is more than 11 month old.

Rupee ends at 74.43/USD; lowest closing in over 2 months

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Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 870.88 crore on a net basis on Friday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 3.22 per cent to USD 36.72 per barrel.

Rupee ends at 74.43/USD; lowest closing in over 2 months
The rupee continued its downward journey on Monday, sliding another 33 paise to settle at 74.43 against the US dollar, tracking muted domestic equities and strong American currency amid global risk aversion.
The local unit opened at 74.40 at the interbank forex market then lost further ground and settled at 74.43, the lowest in over two months.
Losses in domestic stock markets and uncertainty ahead of US presidential election weighed on the investor sentiment, traders said.
"We may continue to see bids in USD/INR on account of overall global risk aversion. 74.95 is an extremely crucial resistance. 73.65 is now likely to act as a support. We expect an intraday range of 74.25-74.65," said Abhishek Goenka, Founder and CEO, IFA Global.
Goenka further added that "we have the US presidential election on November 3rd (Tuesday), Reserve Bank of Australia rate decision on Tuesday, Bank of England on Thursday Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 94.15. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 129.29 points lower at 39,484.78 and the broader NSE Nifty fell 40.45 points to 11,601.95.
Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 870.88 crore on a net basis on Friday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 3.22 per cent to USD 36.72 per barrel.
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