India News | Rupee Slips 6 Paise to 74.74 Against US Dollar in Early Trade

Mumbai, Jul 7 (PTI) The rupee depreciated 6 paise to 74.74 against the US dollar in opening trade on Tuesday on strengthening American currency even as domestic equities started on a positive note.

Forex traders said, while firm start of the equity market and foreign fund inflows supported the rupee, factors like strong dollar, and rising COVID-19 cases dragged down the local unit.

Also Read | Gangotri Highway Closed Near Dharasu in Uttarakhand's Uttarakashi District: Live News Breaking & Coronavirus Updates on July 7, 2020.

The rupee opened weak at 74.74 at the interbank forex market, down 6 paise over its last close.

It had settled at 74.68 against the US dollar on Monday.

Also Read | India's Coronavirus Tally Crosses 7.19 Lakh Cases, COVID-19 Death Toll Jumps to 20,160.

"Cues from Asia remained firm as most currencies started with gains against the US dollar, supported by hopes of quick recovery from the pandemic," Reliance Securities said in a research note.

Rupee could witness further appreciation led by gains in equities due to foreign fund inflows and weak US dollar, it added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 96.75.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 109.07 points higher at 36,596.35 and broader NSE Nifty rose 14.40 points to 10,778.05.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 348.35 crore on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.39 per cent to USD 42.93 per barrel.

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.15 crore and the death toll has topped 5.37 lakh.

In India, the death toll due the disease rose to 20,160 and the number of infections crossed the 7 lakh-mark, according to the health ministry. PTI DRR ANS ANS 07071030 NNNNecond consecutive Brickyard and a win on Indy's oval would tie NASCAR's points leader with Hamlin, the Daytona 500, at four wins each. The duo has combined for seven victories in 15 Cup races, including four of the last six and consecutive 1-2 finishes last weekend at Pocono.

It's a championship battle in the making and could be a key element in one of NASCAR's crown jewel events.

“We're winning races, doing the things we need to do right now, running up front,” said Harvick, a two-time Brickyard winner.

“When you look at the win column, as long as you're winning races, that's what it takes to win championships.”

NASCAR raced at Daytona International Speedway on the July Fourth holiday weekend starting in 1959 but moved it to Indianapolis this year as one of the biggest shakeups to the original 2020 schedule. Indy, now owned by Roger Penske, had planned for the weekend to be a celebration of America that honored the military and entertained fans.

Penske and NASCAR added another wrinkle when the Xfinity Series race was moved to the IMS road course, and this weekend was going to be an impressive display of a massive makeover Penske has given the speedway.

The pandemic upended everything. IndyCar's schedule was decimated and Penske moved that series to Saturday on the IMS road course. The important doubleheader has raised the anticipation for this holiday weekend of racing even though spectators aren't permitted and the two series can't mingle.

Penske takes solace in that both IndyCar and NASCAR will be telecast by NBC, which this week takes over its portion of the NASCAR television schedule.

“With both races on network, we do hope fans will tune in and get to see really great racing," Penske said.

The Cup cars have struggled to make competitive racing the last several years at Indy — Penske said the series could be moved to the road course in the future — and Sunday's one-day show of no practice or qualifying will benefit the elite teams and veteran drivers. That for sure means Harvick and Hamlin should be in the mix.

Harvick led 118 of 160 laps in last year's race, winning by more than six seconds. A year earlier, Hamlin was lead until a caution with six laps remaining erased his cushion and allowed Brad Keselowski to pass him for the win.

Hamlin is 0-for-14 at the Brickyard but has seven finishes of sixth or better. He feels good about his chances Sunday.

“I would say specifically the last 10 to 11 (races) we've been exceptional, really since coming back from the break that we had,” Hamlin said.

“My team is really strong."

And then there is Keselowski, the first Team Penske driver to give the boss a Cup Series win at his favorite race track. Penske has 18 victories in the Indianapolis 500. Keselowski has won two Cup races and scored eight top-10 finishes since racing returned in May and he is jockeying for a contract extension from Penske.

“My confidence level right now is very, very high that we can be a contender for the entire season and continue to build and get stronger,” he said.

“We're starting to show a lot of speed. I don't think we've reached our full potential.” (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)