Rupee nears 64 level against US dollar, falls 14 paise

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Published: January 22, 2018 10:21:45 AM

The Indian rupee neared 64 level against US dollar on Monday after falling as much as 14 paise in the early trades.

The Reserve Bank of India had fixed the reference rate of the rupee at 63.7183 against the US dollar on Friday. (Image: Reuters)

The Indian rupee neared 64 level against US dollar on Monday after falling as much as 14 paise in the early trades. The Indian rupee lost 14 paise against US dollar at 63.9987 against the US dollar at the interbank foreign exchange market on Monday. The domestic currency lost 5 paise in the opening session to start the day at 63.89 apiece US dollar on Monday. The Reserve Bank of India had fixed the reference rate of the rupee at 63.7183 against the US dollar on Friday. In the 5-day period of last week, the rupee lost about 20 paise and on Friday, the domestic currency surrendered most of its early gains but managed to end slightly higher by a modest 2 paise at 63.84 against the US dollar in highly volatile trade.

In the meantime, Prime Minister Narendra Modi has left for Davos, Switzerland today to attend the World Economic Forum 2018. The annual conference will see some of the major names from across the world. US President Donald Trump, Israeli PM Benjamin Netanyahu, German Chancellor Angela Merkel, UK Prime Minister Theresa May are a few world leaders who will be a part of the forum. Prime Minister Modi will give the opening address at the forum where he will be speaking to the world leaders and business tycoons on the first day of the conference, that is tomorrow January 23.

Meanwhile, India’s stock markets opened on a positive note on Monday with Sensex making a fresh peak of 35,664 and Nifty hitting a record high of 10,926.45. Shares of ONGC jumped over 6% while the stock of RIL surged as much as 2.5% after oil-to-telecom conglomerate posted its highest quarterly profit. BSE Sensex gained 102.39 points or 0.29% to start at 35,613.97 with the shares of ONGC rising the most among the 31 stocks of the key index while NSE Nifty lost 11.5 points to begin at 10,883.2. The benchmark Sensex surged 152.43 points to hit a lifetime peak of 35,664.01 and Nifty ticked up 31.75 points to hit a fresh record high of 10,926.45.

Shares of Asian Paints, Axis Bank, Dewan Housing Finance, Havells IndiaRallis India, Vakrangee and Justdial will be in close watch ahead of their respective third-quarter earnings later today. Going ahead in a holiday-shortened week ahead, earnings of blue-chip companies such as Axis Bank and Maruti Suzuki as well as derivatives expiry will likely to steer the domestic equities. Companies which are scheduled to announce their Q3 results this week include Axis Bank, Maruti Suzuki India, Canara Bank, Idea Cellular, Coal India, and Dr Reddy’s Laboratories.

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