Indian Rupee Value decreases.
The Indian rupee fell 13 paise to 74.19 against US dollar.
In early trade on Wednesday, the Indian rupee fell 13 paise to 74.19 against the US dollar, reflecting a flat trend in local equities.
The rupee opened at 74.18 versus the dollar on the interbank foreign exchange, then slipped to 74.19, a drop of 13 paise from its previous finish.
The rupee was trading at 74.06 against the US dollar on Tuesday.The dollar index, which measures the strength of the US currency against a basket of six currencies, was down 0.06 percent at 93.71.
On the domestic front, the BSE Sensex was down 307.88 points, or 0.52 percent, at 59,359.72, while the broader NSE Nifty was down 83.10 points, or 0.47 percent, at 17,665.50.
According to exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 1957.70 crore.
Brent crude futures slid 1.32 percent to USD 78.05 a barrel, the global benchmark.
"As US yields climb, the dollar index rises, and oil prices rise," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, explained.
The rupee is projected to continue in the range of 73.90 to 74.40, according to Bhansali. "As RBI continues to control currency volatility, quarter-end selling from IT businesses and MSCI rebalancing should occur," he said.
Very sad
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