The decline in the third straight session, the Indian Rupee fell by 18 to close at 73.60 (temporarily) against the US dollar on Wednesday, following strong US currencies in the overseas market and deregulated practices in domestic currency.
In the foreign exchange market, the local currency opened at 73.48 to 73.70 lower in day trading.
The home wing has finally stayed at 73.60 against the greenback, dropping 18 more than the previous close.
In the past, the rupee had stabilized at 73.42 against the US dollar.
“The Indian rupee depreciated for the third day in a row following a return on dollar value compared to higher trading costs. Massive corporate outflows, rising global yields and demand for dollars were measured in local currency,” said Dilip Parmar, Research Analyst, HDFC Securities.
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Meanwhile, the dollar index, which measures the greenback strength in the six-currency basket, was trading 0.23 percent higher at 92.72.
Brent futures, the world’s oil bank, rose 0.80 percent to USD 72.26 per barrel.
Earlier in the domestic financial market, the BSE Sensex ended by 29.22 points or 0.05 percent lower at 58,250.26, while the broad NSE Nifty dropped by 8.60 points or 0.05 percent to 17,353.50.
Foreign institutional investors were major market traders on Tuesday as they issued shares worth Rs 145.45 crore, as exchange data.
