Rupee slips 3 paise to close at 74.57 against US dollar

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Mumbai, Jul 16 (PTI) The Indian rupee slipped 3 paise to settle at 74.57 (provisional) against the US dollar on Friday, as investors awaited fresh triggers.

At the interbank forex market, the local unit opened at 74.53 against the greenback and witnessed an intra-day high of 74.51 and a low of 74.66 during the session.

The local unit finally ended the day at 74.57, down 3 paise over its last close.

On Thursday, the rupee had settled at 74.54 against the US dollar.

'The forex market focus will be on the US retail sales data and consumer confidence data for any reading on inflation and the strength of the recovery.

'Any solid pace of US economic recovery will underpin the rumours of earlier than expected rate hikes/quantitative easing (QE) tapering keeping USD/INR afloat till the July Federal Open Market Committee (FOMC) outcome,' said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

'So, in USD/INR spot until the support of 74.40 doesn't break, the trend will remain towards 75. Only a break of 74.40 will push prices towards 74.00 zone,' Gupta added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.06 per cent to 92.56.

On the domestic equity market front, the BSE Sensex ended 18.79 points or 0.04 per cent lower at 53,140.06, while the broader NSE Nifty declined 0.80 points or 0.01 per cent to 15,923.40.

Global oil benchmark Brent crude futures advanced 0.37 per cent to USD 73.74 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 264.77 crore, as per exchange data. PTI DRR BAL

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