8.3 C
London
Saturday, February 4, 2023

Rupee drops 14 paise to 79.70 against US dollar in early trading

Must read

The US has shot down a Chinese spy balloon off the coast of Carolina and will try to recover debris

The US shot down the Chinese surveillance balloon off the coast of Carolina on Saturday and will try to recover the debris, according to...

Dear Founders, Returning to the Office is a Math Game • londonbusinessblog.com

Welcome to Startups Weekly, a nuanced look at this week's startup news and trends by Senior Reporter and Equity co-host Natasha Mascarenhas. ...

Roger Penrose- Wiki, age, height, net worth, wife, ethnicity

Roger Penrose is a British mathematician and physicist who writes about scientific philosophy. He will receive the Nobel Prize in Physics in 2020....

Spotify founder helped develop an AI-powered body health scanner

"After four years of intensive research and product development, we are officially launching Neko Health today," the statement reads. “The company was founded...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

The rupee depreciated 14 paise to 79.70 against the US dollar at the opening of trading on Friday, weighed down by the strength of the US currency in the overseas market.



In the interbank currency market, the rupee opened at 79.63 against the greenback and then fell further to 79.70, registering a 14 paise decline from its last close.

On Thursday, the rupee fell 4 paise to close at 79.56 against the dollar.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.12 percent to 109.55.

The rupee opened weakly as the dollar index rose to 109.60, with the British pound falling to its two-year low as Yen touched the 140 mark, said Anil Kumar Bhansali, head of Treasury, Finrex treasury advisors.

Forex traders said that while oil prices remained subdued, weak Asian and emerging markets and higher inflation expectations could weigh on local currencies.

The global oil benchmark Brent oil futures rose 1.83 percent to USD 94.05 a barrel.

On the domestic macroeconomic front, GST tax collection was Rs 1.44 lakh crore for the 6th consecutive month in August.

Moody’s Investors Service on Thursday cut India’s economic growth projection for 2022 to 7.7 percent, citing weakening economic momentum in the coming quarters due to rising interest rates, uneven monsoons and slowing global growth.

This is a sharp drop of 1.1 percentage points from Moody’s current year growth forecast of 8.8 percent for the current year.

On the domestic stock market front, the 30 shares BSE Sensex traded 151.29 points or 0.26 percent higher at 58,917.88, while the broader NSE Nifty advanced 57.25 points or 0.33 percent to 17,600.05.

Foreign institutional investors became net sellers in the capital market on Thursday when they sold shares worth Rs 2,290.31 crore, according to stock market data.

ALSO SEE :

Meet Laxman Narsimhan, the boy from Pune who will soon become the CEO of Starbucks

Android 14 to bring satellite support to phones – here’s everything you need to know

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

The US has shot down a Chinese spy balloon off the coast of Carolina and will try to recover debris

The US shot down the Chinese surveillance balloon off the coast of Carolina on Saturday and will try to recover the debris, according to...

Dear Founders, Returning to the Office is a Math Game • londonbusinessblog.com

Welcome to Startups Weekly, a nuanced look at this week's startup news and trends by Senior Reporter and Equity co-host Natasha Mascarenhas. ...

Roger Penrose- Wiki, age, height, net worth, wife, ethnicity

Roger Penrose is a British mathematician and physicist who writes about scientific philosophy. He will receive the Nobel Prize in Physics in 2020....

Spotify founder helped develop an AI-powered body health scanner

"After four years of intensive research and product development, we are officially launching Neko Health today," the statement reads. “The company was founded...

10 things every working woman should do this year

Opinions of contributing entrepreneurs are their own. ...