Indian rupee drops 30 paise to 75.08 against US dollar

The Indian rupee declined by 30 paise to settle at 75.08  against  the US dollar on January 27 in its third straight session of losses, matching the strength of the American currency following a hawkish U.S. Fed policy stance.

Domestic equities, foreign cash outflows, and firm crude oil prices, according to forex traders, all weighed on the local currency.

The local currency opened at 75.18 against the dollar on the interbank foreign exchange market, with an intraday high of 75.07 and a low of 75.31 during the session. The rupee eventually finished at 75.08 against the dollar, down 30 paise from its previous level.

The rupee had closed at 74.78 versus the dollar on Tuesday. Now, this is the local unit's third straight session of losses, with a loss of 63 paise.

On the share market front, the 30-share BSE Sensex  finally lost 581 points, or 1 percent, to 57,277 points, while the broader NSE Nifty fell 168 points, or 0.97 percent, to 17,110 points. On account of Republic Day, the Forex and equities markets were closed on Wednesday.

Market Closing: Know today's Sensex, Nifty final status

Commodity Market: Gold falls Rs 563; silver dips Rs 1,186

Huge fall in the price of gold and silver

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