Rupee settles 5 paise higher at 73.58 against US dollar


The rupee opened at 73.49.

The rupee appreciated 5 paise to close at 73.58 (provisional) against the US dollar on Wednesday, as sustained foreign fund inflows and strong domestic equities strengthened investor sentiment.

Traders said the weakness of the American currency in the overseas market also supported the domestic unit.

At the interbank forex market, the rupee opened at 73.49 against the US dollar and witnessed an intra-day high of 73.48 and a low of 73.60.

The local unit finally closed at 73.58 against the American currency, registering a gain of 5 paise over its previous close.

On Tuesday, the rupee had depreciated by 8 paise to 73.63 against the US dollar.

Meanwhile, the dollar index, which gauges the greenbackโ€™s strength against a basket of six currencies, was trading 0.35% lower at 90.15.

โ€œThe currency market is very lacklustre and the focus is on tonightโ€™s Fed policy. The hopes of a dovish Fed have kept dollar bulls on sidelines.

โ€œIn our view, the global optimism over rolling out of coronavirus vaccine and the hopes of another US fiscal stimulus package may push USD/INR spot towards 73.25. Also, RBI is not very aggressive with its intervention. So, consistent trading below 73.25 will push the price towards 73 zone, while 74 will act as a strong resistance,โ€ said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

On the domestic equity market front, BSE Sensex ended 403.29 points or 0.87% higher at 46,666.46, while NSE Nifty rose 114.85 points or 0.85% to 13,682.70.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth โ‚น 2,484.09 crore on a net basis on Tuesday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.26% to USD 50.89 per barrel.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Support Quality Journalism.

*Our Digital Subscription plans do not currently include the e-paper, crossword and print.

.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *