This Article is From Aug 07, 2020

Rupee Edges Lower To 75.05 Against Dollar

The rupee moved in a range of 10 paise against the greenback during the four-hour session, between 74.95 and 75.05.

Rupee Edges Lower To 75.05 Against Dollar

Rupee Vs Dollar: The rupee opened marginally lower at 75.05 compared to its previous close of 74.93

Highlights

  • Rupee edges lower by 12 paise against dollar, turns flat at noon
  • Rupee trades between 74.95, 75.05 after opening marginally lower
  • On Thursday, RBI kept policy rates on hold citing high inflation

The rupee edged lower by 12 paise to 75.05 against the US dollar on Friday amid a mixed trend across Asian currencies, a day after the the Reserve Bank of India (RBI) left the key policy rates unchanged following a three-day review. The rupee moved in a range of 10 paise against the greenback during the four-hour session, between 74.95 and 75.05, having started the day marginally weaker at 75.05 compared to its previous close of 74.93. At noon, it traded nearly unchanged at 74.95 against the US currency.

Domestic equity benchmark indices Sensex and Nifty were also flat at the time. 

The dollar index - which measures the dollar against six peers - traded 0.20 per cent higher, having risen as much as 0.41 per cent earlier on Friday. 

Crude oil prices slipped, extending losses to a second straight day, on worries that fuel demand growth will drop amid a resurgence of coronavirus cases and as talks have stalled in the US on a new stimulus deal. Global benchmark Brent crude futures were last seen trading 0.10 per cent lower at $45.03 per barrel.

On Thursday, the RBI had kept the repo rate steady at 4.0 per cent and the reverse repo rate at 3.35 per cent, missing expectations of most analysts who had expected a rate cut. The central bank, however, vowed to do "whatever is necessary" to revive an economy battered by the COVID-19 pandemic.

Governor Shaktikanta Das said space for monetary policy easing remains, but the central bank will ensure inflation stays within its target range.

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