Rupee extends losses, trades at 75.86 per dollar
Reserve Bank of India (RBI) has cut repo rate by 40 bps and reverse repo rate cut to 3.35 percent.
May 22, 2020 / 11:03 AM IST
Indian rupee extended the early losses and trading lower at 75.86 per dollar, amid weakness seen in the domestic equity market post RBI cut the repo rate.
It opened 13 paise lower at 75.73 per dollar against previous close of 75.60.
Reserve Bank of India (RBI) has cut repo rate by 40 bps and cut reverse repo rate to 3.35 percent.
On May 21, rupee has closed with a gain of 19 paise at day's high level at 75.60 per dollar.
At 11:00 IST, the Sensex was down 421.27 points or 1.36% at 30511.63, and the Nifty was down 123.55 points or 1.36% at 8982.70.
Oil prices were on the rise on Friday, heading for a fourth straight week of gains, amid more evidence that fuel demand is recovering as countries ease business and social restrictions that were imposed to counter the coronavirus pandemic.
The dollar-rupee contract on the NSE was at 75.53 in the last session. The open interest rose almost 5.1% during the last session, said ICICIdirect.
As there was a sharp decline in the Dollar index, the rupee saw some strength. However, the USD-INR pair slipped into a discount and a possible bounce is possible, it added.