Rupee falls 24 paise to shut at 74.10 towards US greenback

The Indian rupee slumped 24 paise to breach the 74 per US greenback stage on Monday as individuals turned risk-averse.
At the interbank foreign exchange market, the home unit opened weak at 74.20 towards the American forex, pared some preliminary losses and eventually closed at 74.10, displaying a fall of 24 paise over its earlier shut.
On Friday, the rupee had settled at 73.86 towards the American forex.
The native unit witnessed an intra-day excessive of 74.08 and a low of 74.28 towards the dollar.

“The rupee started the week on negative note following risk averse sentiment and stronger dollar but in second half recovers from lower level as global equities started strengthening. For the short-term movement focus will remain on price action of dollar index, crude oil and capital flows,” mentioned Dilip Parmar, Research Analyst, HDFC Securities.
Further, Spot USDINR may see lengthy unwinding within the vary of 74.30 to 74.50 following IPO-related and FDI-related inflows and risk-on sentiments, Parmar mentioned including that “the pair is having resistance at 74.30 and support at 73.67, the 50 days simple moving average.”
Meanwhile, the greenback index, which gauges the dollar’s power towards a basket of six currencies, fell 0.19 per cent to 92.04.
On the home fairness market entrance, the BSE Sensex ended 230.01 factors or 0.44 per cent increased at 52,574.46, whereas the broader NSE Nifty superior 63.15 factors or 0.4 per cent to fifteen,746.50.

Brent crude futures, the worldwide oil benchmark, rose 0.16 per cent to USD 73.63 per barrel.
Foreign institutional buyers have been internet patrons within the capital market on Friday as they bought shares value Rs 2,680.57 crore, as per trade information.