The rupee opened 26 paise at 73.12 against the US dollar; More than 3% profit in FY21

The rupee rose 73 paise to close at 73.12 (provisional) against the US dollar on Wednesday and ended the fiscal note by more than 3% despite coronavirus-induced disruptions on the economic front.

In the interbank foreign exchange market, the local unit opened at 73.56 against the greenback and saw an intra-day high of 73.05 and a low of 73.58.

It eventually ended at 73.12 against the US currency, registering an increase of 26 paise at its previous closing. The rupee had closed at 73.38 against the US currency on Tuesday.

Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, fell 0.10% to 93.20.

Forex traders said that market participants should be cautious as Indian currency markets will remain closed for the next two sessions. Indian currency markets will remain closed on Thursday and Friday for the annual bank closing and Good Friday holiday.

He said, “Despite the one-week period, the forex market has been very volatile. The spot broke due to a $ 73 rally. The market’s focus is on Biden’s additional stimulus announcement and the additional spending will support the dollar’s uptrend.” . ” Rahul Gupta, Head of Research – Mudra, MK Global Financial Services.

Mr. Gupta further stated that “the best thing for now is to follow the trend and tell the market where it is going to end. In the USDINR spot we expect the trading range to be 72.50-73.50.” Meanwhile, global oil benchmark Brent crude futures fell 0.48% to $ 63.83 a barrel.

On the domestic equity market front, the BSE Sensex closed 627.43 points or 1.25% lower at 49,509.15, while the broader NSE Nifty closed down 154.40 points or 1.04% at 14,690.70.

Foreign institutional investors were net buyers in the capital market as they bought shares worth ₹ 769.47 crore as per exchange data on Tuesday.