INSUBCONTINENT EXCLUSIVE:
The rupee has fallen against the dollarThe Indian rupee slumped 24 paise to breach the 74 per dollar level on Monday as participants
turned risk-averse.At the interbank forex market, the domestic unit opened weak at 74.20 against the American currency, pared some initial
losses and finally closed at 74.10, showing a fall of 24 paise over its previous close.On Friday, the rupee had settled at 73.86 against
the American currency.The local unit witnessed an intra-day high of 74.08 and a low of 74.28 against the greenback."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
For the short-term movement focus will remain on price action of dollar index, crude oil and capital flows," said Dilip Parmar, Research
Analyst, HDFC Securities.Further, spot dollar-rupee could see long unwinding in the range of 74.30 to 74.50 following IPO-related and
FDI-related inflows and risk-on sentiments, Mr Parmar said adding that "the pair is having resistance at 74.30 and support at 73.67, the 50
days simple moving average."Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19
per cent to 92.04.On the domestic equity market front, the BSE Sensex ended 230.01 points or 0.44 per cent higher at 52,574.46, while the
broader NSE Nifty advanced 63.15 points or 0.4 per cent to 15,746.50.Brent crude futures, the global oil benchmark, rose 0.16 per cent to
$73.63 per barrel.Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,680.57
crore, as per exchange data.
