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Rupee opens 5 paise higher at 73.54 amid weak dollar, positive equities

The domestic unit opened at 73.55 against the greenback at the interbank forex market and inched 5 paise higher at 73.54, over its previous close

twitter-logoBusinessToday.In | December 18, 2020 | Updated 12:01 IST
Rupee opens 5 paise higher at 73.54 amid weak dollar, positive equities
Meanwhile, the dollar index was trading up 0.21 per cent at 90.01 against a basket of six currencies

Indian rupee, the local currency appreciated by 5 paise to 73.54 per US dollar on Friday's opening trade as the weakness of the American currency and optimism surrounding the US stimulus aid package supported the domestic unit. Sustained foreign fund inflows also strengthened investor sentiment.

The domestic unit opened at 73.55 against the greenback at the interbank forex market and inched 5 paise higher at 73.54, over its previous close.

On Thursday, Indian rupee ended just 1 paisa lower at 73.59 against the US dollar on Thursday amid a firm trend in the domestic equity markets.

Meanwhile, the dollar index was trading up 0.21 per cent at 90.01 against a basket of six currencies.

Reliance Securities said in a research note, "The dollar crashed on Thursday as hopes of stimulus and Brexit deal improved risk appetite and weighed on the safe haven appeal of the greenback. The dollar index broke below the 90 mark (for the first time) since January 2018."

However, Asian currencies were weak this morning and RBI could be present in the markets and could cap gains for the domestic unit, the note added.

On the domestic equity market front, indices opened at new record highs, although reversed trend and turned bearish on Friday, amid mixed trend from global equities. Reversing after five sessions of straight gains, Sensex traded 155 points lower at 46,703 and Nifty fell by 50 points to 13,689. In today's session, Sensex hit an all-time high of 47,026 and Nifty logged a lifetime high of 13,773.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,355.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,494.36 crore in the Indian equity market on 17 December, provisional data showed.

Brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 51.33 per barrel. Yesterday, oil price moved up to touch nine-

month high as trader's cheered signs of progress in US fiscal stimulus talks.

Stocks in news: Bank of Baroda, SpiceJet, Natco Pharma, TCS, Axis Bank, BPCL

Share Market News Live: Sensex crosses 47K mark, Nifty at 13,773 for first time; Infosys, TCS, L&T top gainers

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