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Rupee slips 13 Paise to Rs. 74.32 against US dollar in early exchange

The Indian Rupee deteriorated 13 Paise to Rs. 74.32 against the US dollar in opening exchange on Thursday following quieted homegrown values and solid American money.

At the interbank forex market, the homegrown unit opened at Rs. 74.28 against the US dollar, at that point, made progress and contacted Rs. 74.23 against the American cash. In unpredictable exchange, the neighbourhood unit likewise contacted Rs. 74.32 against the greenback, down 13 paise over its past close. On Wednesday, the rupee had settled at Rs. 74.19 against the US dollar.

Notwithstanding the positive news, the rupee was trading in a narrow range "as rising in Covid-19 cases in Europe and the US offset positive sentiments surrounding the potential vaccine," Reliance Securities said in a research note.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.16% to 92.46. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 11.80 points lower at 44,168.25, while the broader NSE Nifty rose 4.30 points to 12,942.55.

Unfamiliar institutional speculators were net purchasers in the capital market as they bought shares worth Rs 3,071.93 crore on a net premise on Wednesday, as indicated by temporary trade information. Brent unrefined fates, the worldwide oil benchmark, fell 0.52 per barrel.