The rupee slides 15 paise to 75.99 against the US dollar in early trading

On April 6, the rupee fell 55 paise to close at a one-week low of 75.84 against the US dollar.

On April 6, the rupee fell 55 paise to close at a one-week low of 75.84 against the US dollar.

The rupiah fell 15 paise to 75.99 against the US dollar in the April 7 opening session as the US Federal Reserve’s hawkish stance affected investor sentiment in emerging markets and supported the US currency.

Forex traders said most Asian and emerging market peers were trading weaker against the US dollar on the morning of April 7, while a rebound in crude oil prices will weigh on sentiment.

On the interbank exchange, the rupee opened lower at 75.88 against the US dollar, then slipped to 75.99, registering a drop of 15 paise from its previous price. close.

On Wednesday, the rupee fell 55 paise, its biggest single-day drop in a month, to close at a one-week low of 75.84 against the US dollar.

The Indian rupee weakened against the U.S. currency as the U.S. Federal Reserve’s hawkish stance lifted the dollar and U.S. benchmark bond yields, said Sriram Iyer, senior research analyst at Reliance Securities.

The global oil benchmark, Brent futures, rose 1.51% to $102.60 a barrel. Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, slipped 0.05% to 99.54.

“The U.S. Dollar started slightly weaker on Thursday morning in Asian trade, but the decline may remain capped after meeting minutes showed the Federal Reserve is preparing to act aggressively to fight inflation.” , Iyer said.

Investors will be waiting for clues from the outcome of the RBI’s monetary policy meeting which will be announced on April 8.

On the domestic stock market front, the 30-stock Sensex traded 369.19 points or 0.62% lower at 59,241.22, while the broader NSE Nifty slipped 99.80 points, or 0. .56%, at 17,707.85.

Foreign institutional investors remained net sellers in the capital market on Wednesday as they dumped shares worth ₹2,279.97 crore, according to stock market data.

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