Mumbai, June 25 (PTI) The rupee weakened 2 peas to close at 74.20 (provisionally) against the US dollar on Friday as higher crude oil prices weighed on currency market sentiment.

In the interbank forex market, the rupee opened at 74.15 per dollar against its previous close of 74.18.

It hovered between 74.14 and 74.25 during the day before ending at 74.20 against the greenback.

“The Indian rupee remained under pressure on Friday due to firm crude oil prices and as market participants remained vigilant over US Core PCE price index data,” Saif Mukadam, research analyst, Sharekhan by BNP Paribas.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.08 percent to 91.74.

“The dollar shows weakness amid differing views from Fed officials on how long inflation should stay high and when to tighten monetary policy. Bipartisan deal,” he noted

The rupee could gain as the number of COVID-19 cases in India continues to decline. The rupee could trade between 73.55 and 74.50 over the next two sessions, he added.

On the national stock market front, the BSE Sensex finished up 226.04 points or 0.43% to 52,925.04, while the broader NSE Nifty index rose 72.55 points or 0 , 46% at 15,863.00.

Futures on Brent crude, the world’s benchmark for oil, fell 0.34% to $ 75.30 a barrel.

Foreign institutional investors were net sellers in the capital market on Thursday as they dumped shares worth Rs 2,890.94 crore, exchange data showed. PTI DRR MKJ MKJ

Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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