In the interbank foreign exchange market, the local unit opened against the greenback at 72.85 and traded in the range of 72.77-73.47 through the day.
On Tuesday, the rupee fell 87 paise to close at 73.38 (provisional) against the US currency as a strong US currency on rising crude oil prices and investor sentiment.
In the interbank foreign exchange market, the local unit opened against the greenback at 72.85 and traded in the range of 72.77-73.47 through the day.
Finally, the rupee closed at 73.38 against the US currency, registering a decline of 87 paise over the previous close.
The rupee closed at 72.51 on Friday against the US currency.
The forex market was closed on Monday due to Holi.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, advanced 0.20% to 93.12.
Saif Mukadam said, “The depreciation between the Indian dollar strengthened and the rise in crude oil prices. The dollar has strengthened amid an increase in US dollar yields. It is expected that the rollout of the COVID-19 vaccine and government stimulus efforts is expected to bring economic Growth and inflation will accelerate, ”said Saif Mukkadam. , Research Analyst, Sharekhan by BNP Paribas.
Additionally, the rupee slipped due to concerns over rising COVID-19 cases in India. However, a sharp decline was prevented by an increase in risk appetite in the domestic market. Mukadam said that the rupee could trade between 72.70 and 73.60 in the next few sessions.
Brent crude futures, the global oil benchmark, was trading at $ 64.53 a barrel, down 0.69%.
On the domestic equity market front, the BSE Sensex rose 1,128.08 points or 2.30% to close at 50,136.58, while the broader NSE Nifty rose 337.80 points or 2.33% to 14,845.10.
Foreign institutional investors were net sellers in the capital market on Friday, as they had shares worth ₹ 50.13 crore, according to exchange data.
.
Leave a Reply