Rupee slips 7 paise to 74.53 Against U.S. Dollar

The foreign currency trade among banks the rupee began the day on a weak start, trading at 74.79, then dropping further ground and touching 74.53 against the US dollar in early trade, a drop of 7 paise from the previous close. The rupee had closed at 74.46 versus the US dollar on November 15th. The USD-INR spot pair has remained above the 74.30 mark, suggesting a positive level. However, reliance securities in research that trading below 74.12 to 74 levels might drive the pair to the support zone. The midday trading more in Asian trade, boosted by speculation that the Federal Reserve would tighten monetary policy in response to increased inflation.

For further data, traders will be analyzing the US retail sales data and the US industrial output statistics. Crude oil prices rose 0.78% to 82.69$ a, the use. According to exchange data, foreign institutional investors were net purchasers in the capital market, purchasing shares worth 424.74 crores. The 30-share SENSEX was down 124.53 points, or 0.21%, to 60594.18 in domestic equity markets, while the larger NSE Nifty was down 35.45 points, or 0.2%, to 18074.

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