Rupee Goes Down and Ends at 73.09 per dollar.

Since the start of the calendar year, foreign institutional investors have net bought $5.87 billion in shares and sold $2.51 billion in debt, while local institutional investors have sold Rs9,968.37 crore in stocks.

The Indian rupee slipped 19 paise to 73.09 per dollar on Wednesday, owing to a stronger dollar overseas and weakness in domestic markets.

Today, the rupee opened at 73.08 per dollar, with a low of 73.31 and a high of 73.04. On Tuesday, the unit was trading at 72.90 cents to the dollar. In the three trading sessions leading up to Wednesday, the currency has lost 65 paise.

“The currency market is rising ahead of the US NFP (non-farm payroll) statistics, which will provide insight into the US economy. A spike in payroll growth will be interpreted as a hint that the Fed is more likely to raise rates sooner than than later. Despite favourable seasonality conditions, the rupee spot had a bad month in May “Emkay Global Financial Services’ Head Of Research-Currency, Rahul Gupta, stated.

“Dollar bulls have been active around the 72.30-72.50 zone, but the risk in the USDINR spot remains skewed to the negative. Technically, a significant resistance zone exists around 73.50-73.60, and a reversal from there might push the location back to 72.75 “Added he.

The dollar index, which measures how strong the dollar is versus a basket of six currencies, increased 0.36 percent to 90.16.

“In the face of a strong dollar and quiet domestic markets, the Indian rupee declined. The US Dollar strengthened as US treasury yields rose and the country’s economic indicators improved. Furthermore, a rise in crude oil prices put downward pressure on the market “Sharekhan by BNP Paribas research analyst Saif Mukadam stated.

Market players were cautious ahead of the Reserve Bank of India’s (RBI) monetary policy review meeting, which is set to take place on Friday.

According to government data updated on Wednesday, India reported 1,32,788 new coronavirus cases in the last 24 hours, bringing the total to 2,83,07,832, with the daily positive rate lowering to 6.57 percent.