Rupee settles 27 paise down at 74.37 per USD, gold gains Rs 45

Mumbai, Jun 22 (PTI): The Indian rupee depreciated 27 paise to close at 74.37 against the US dollar on Tuesday in its second straight day of losses following a stronger dollar overseas.
At the interbank forex market, the domestic unit opened weak at 74.18 against the American currency, lost further ground and finally closed at 74.37, showing a fall of 27 paise over its previous close. On Monday, the rupee had settled at 74.10.
The local unit witnessed an intra-day high of 74.05 and a low of 74.40 against the greenback during the trading session.
The domestic currency has lost 51 paise in the two trading sessions to Tuesday. “Indian rupee traded lower following stronger dollar and higher crude oil prices. The dollar index regains some composure and edges higher to the 92 area ahead of Federal Reserve Chair Powell’s testimony later tonight. Elsewhere, Brent crude oil has been trading near psychological level of USD 75 barrel,” said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar further noted that spot USD-INR is expected to trade with positive bias as it surpassed the resistance of 74.30 and now open for 74.80 level while continuing to find support around 73.70.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.22 per cent to 92.09.
Gold in the national capital on Tuesday gained Rs 45 to Rs 46,213 per 10 gram, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 46,168 per 10 gram.
Silver declined marginally by Rs 86 to Rs 66,389 per kilogram from Rs 66,475 per kilogram in the previous trade.
“Spot gold prices for 24 carats in Delhi were up by Rs 45 reflecting an overnight recovery in COMEX gold prices and rupee depreciation,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Meanwhile, the Indian rupee slumped 10 paise to 74.20 against the US dollar in opening trade on Tuesday.
In the international market, gold was trading marginally lower at USD 1,778 per ounce and silver was flat at USD 25.84 per ounce.
“Gold prices traded marginally down with spot gold prices at COMEX trading at USD 1,778 per ounce on Tuesday,” he added.