Rupee falls for third straight day against US dollar
Premium- The domestic currency has lost 36 paise in the three trading sessions to Thursday
The rupee declined by 23 paise to end at 74.55 (provisional) against the US currency on Thursday, marking its third straight day of loss amid a lacklustre trend in domestic equities and strengthening of the greenback overseas. The domestic currency also fell against the euro as the EUR/INR pair was trading in the range of 88.4-88.42.
At the interbank foreign exchange market, the rupee opened on a negative note at 74.37 per dollar as against its previous close of 74.32. It hovered in the range of 74.34 to 74.63 per dollar during the day before ending at 74.55.
The domestic currency has lost 36 paise in the three trading sessions to Thursday.
"The bearish momentum in the USD/INR pair picked up after weaker PMI numbers and strength in the broad-based dollar index," said Dilip Parmar, Research Analyst, HDFC Securities as quoted by PTI.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04% to 92.47.
India's manufacturing sector activities contracted for the first time in 11 months in June as rise in coronavirus cases and strict containment measures adversely impacted demand as well as resulted in job losses, a monthly survey said on Thursday.
(With inputs from PTI)
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