Rupee drops by 2 paise to 74.42/USD, snaps 3-day winning streak

Mumbai: The rupee slipped by 2 paise to close at 74.42 (provisional) against the US dollar on Monday, snapping its three-day gaining streak amid a muted trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the US Fed’s policy decision due this week.

At the interbank foreign exchange market, the local unit opened at 74.43 against the dollar and witnessed an intra-day high of 74.40 and a low of 74.52 during the session.

The local unit finally ended the day at 74.42, down 2 paise over its last close. On Friday, the rupee had settled at 74.40 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22 per cent to 92.70.

On the domestic equity market front, the BSE Sensex ended 123.53 points or 0.23 per cent lower at 52,852.27, while the broader NSE Nifty declined 31.60 points or 0.2 per cent to 15,824.45.

Global oil benchmark Brent crude futures declined 0.42 per cent to USD 73.79 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 163.31 crore, as per exchange data.