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

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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.

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