Rupee Edges Higher To 73.88 Against Dollar Tracking Positive Domestic Equities

Rupee rose against the dollar today in fifth straight session

The rupee appreciated three paise to close at 73.88 (provisional) against the US dollar on Thursday, November 26, over sustained foreign fund inflows and weak American currency. At the interbank foreign exchange market, the domestic unit opened at 73.85 against the greenback and recorded an intra-day high of 73.75. It registered a low of 73.89. The rupee witnessed gains for the fifth straight session and closed at 73.88 against the American currency, with a rise of three paise over its previous close. On Wednesday, November 26, the rupee appreciated by 10 paise to close at nearly a one-month-high of 73.91 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.06 per cent to 92.04. According to exchange data, the foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 24.20 crore on a net basis on November 26. “Sharp gains were prevented on concern that rising coronavirus cases across the globe will threaten the economic recovery. Rupee may trade in a range of 73.65 to 74.60 in next couple of sessions, “said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

On the domestic equity market front, BSE Sensex closed 0.98 per cent higher (431.64 points) at 44,259.74, while the NSE Nifty climbed by 128.60 points or 1 per cent to touch 12,987.00. Brent crude futures, the global oil benchmark, fell 1.21 per cent to USD 48.02 per barrel.

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“Two major events, short covering ahead of November 2020 F&O expiry and rebalancing of MSCI portfolios helped the Indian market to recover sharply from lower levels. The Nifty 50 index regained 13000 levels and is exhibiting remarkable strength. The unusual support from commodities and financials always helps the market to move forward. If the Nifty 50 index crosses 13150, it could jump to 13350 levels, ” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

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Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

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