Rupee slides 11 paise to close at 74.35 against the dollar

August 17, 2021 19:39

The rupee on Tuesday declined by 11 paise to close at 74.35 against the US currency due to a stronger dollar in the overseas markets.

At the interbank foreign exchange market, the domestic currency opened flat at 74.23 against the American currency but later slipped to close at 74.35.

"Rupee opened on a flat note but fell in the latter half of the session following weakness in domestic equities. Broader strength in the dollar against its major crosses also weighed on the currency," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa said that market participants are awaiting for more cues from the Federal Reserve meeting minutes that would be released this week.

Investors will focus on the retail sales number that will be released from the US. Weaker-than-expected number could keep gains capped for the dollar, he said adding that "we expect the USDINR (Spot) to trade sideways with a positive bias and quote in the range of 74.05 and 74.50."

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