Rupee Ends 9 Paise Lower Compared to Greenback at 74.24; Nifty Ends in Green

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Rupee Ends 9 Paise Lower Compared to Greenback at 74.24; Nifty Ends in Green
Credit: © Reuters.

By Malvika Gurung -- The rupee declined for the second consecutive session on Monday, at 74.24 compared to the greenback, down 9 paise, as factors like rising oil prices and subdued domestic equities impeded investor sentiments.

The local currency opened at 74.18 against the US dollar at the interbank market on Monday, rising at an intraday high of 74.16 and sliding to a low of 74.36, before ending the session at 74.24, which is 9 paise lower than its last close against the US dollar.

An analyst at HDFC (NS: HDFC ) Securities noted weaker economic data, higher bond yields, rising crude oil prices and state-run banks dollar buying on behalf of importers to weigh on the rupee for the second straight day.

At the same time, other global forex markets remained calm as the US market remained shut on Martin Luther King Day.

Moreover, the global benchmark for oil, Brent crude Futures declined 0.33% to $85.78/barrel and WTI Futures slid 0.22% to $83.12/barrel.

In the Indian equity market, benchmarks Nifty50 and the 30-scrip BSE Sensex ended 0.29% and 0.14% higher, respectively, recouping opening losses.

The gains were led by auto and realty stocks, while banks, IT and financial services, and pharma scrips remained under pressure. Among sectoral gauges, Nifty Auto ended over 2%, followed by Nifty Realty and Nifty Media , rising 1.28% and 0.5%, respectively.

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