Rupee falls for fifth day against US dollar, drops close 75 levels

rupee falls for fifth day against us dollar drops close 75 levels

Sumary of Rupee falls for fifth day against US dollar, drops close 75 levels:

  • At day’s low rupee fell to 74.97 before pulling back to 74.72, according to Bloomberg data, tracking weakness in other Asian currencies and a lackluster domestic equity market..
  • Foreign institutional investors were net buyers in the capital market and purchased shares worth 110.85 crore on Thursday, according to exchange data..
  • The rupee has fallen sharply after the RBI on Wednesday commitment to a huge government bond purchases programme what raised prospects of plenty of rupee liquidity, and potential inflation, both of which undermined sentiment toward the currency..
  • “The rupee traded on a weaker note majorly on account of 1.00 lac cr of bond-buying announced by RBI, unwinding of carry trades, perception of full lockdown due to rising cases, and panic buying by importers…

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