Rupee logs 3rd straight gains, rises 27 paise to 74.19 a dollar

The rupee continued its winning momentum for the third session in a row on Wednesday, rising 27 paise to settle at 74.19 against the US dollar, supported by gains in domestic equities and weak American currency.

Forex traders said weakness in the US dollar against its key rivals and significant foreign fund inflows boosted investor sentiment.

At the interbank forex market, the domestic unit opened at 74.49 against the US dollar and touched an intra-day high of 74.09 and a low of 74.52. It finally closed at 74.19 against the greenback, registering a rise of 27 paise over its previous close.

The rupee on Tuesday appreciated 16 paise to settle at 74.46 against the US dollar.

“Indian Rupee appreciated majorly on the back of weakness in Dollar. The dollar slipped as rising COVID-19 cases in the US forced local authorities to impose fresh restrictions to curb the outbreak. “

“Moreover, US Federal Reserve Chair Jerome Powell warned that surge in COVID-19 cases poses risk to the economy and would require more support from Federal Reserve and Government,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21% down at 92.22.

Mukadam said that “rupee may trade in the range of 73.65 to 74.80 in next couple of sessions”.

On the domestic equity market front, the 30-share BSE index ended 227.34 points or 0.52% higher at 44,180.05 and the broader NSE Nifty surged 64.05 points or 0.5% to 12,938.25.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹ 4,905.35 crore on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.01% to USD 44.19 per barrel.


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


Please enter your comment!
Please enter your name here


MeT department forecasts more rains for TN, Puducherry next week

A low pressure area over the Bay of Bengal on November 30 could bring more rains to Tamil...

Google Opinion Rewards App Is Now Available in Thailand

Google Opinion Rewards is now available in Thailand. The quick survey app that pays users for answering questions debuted in 2013 and besides Thailand,...

Aamir Ali on Naxalbari: Had to convince people that I can...

Written by Sana Farzeen | Mumbai | November 27, 2020 3:20:37 pm Aamir Ali will make his digital debut with ZEE5's Naxalbari. (Photo: Aamir...

PDP’s Waheed Parra remanded to 15-day NIA custody for his alleged...

A day before Jammu and Kashmir’s District Development Council election begins, PDP leader Waheed Parra has been remanded to 15 days of National Investigation...

Gauhati High Court stays Nagaland govt. ban on dog meat

Kohima Bench issues order after licensed dog meat traders challenge State’s move GUWAHATI The Kohima Bench of the Gauhati High Court has stayed the Nagaland...

More Articles