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Rupee opens flat at 73.82 amid weak dollar, positive equities

US Fed Chair Jerome Powell's dovish statement, positive trend in the equity markets, weak dollar and continues foreign fund inflows supported the rupee and restricted the downfall

twitter-logoBusinessToday.In | August 28, 2020 | Updated 12:31 IST
Rupee opens flat at 73.82 amid weak dollar, positive equities
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19 per cent to 92.82. Dollar index fell today post-Fed Chairman's speech in which he hinted at shifting inflation target

The rupee opened on a flat note at 73.82 per US dollar on Friday after rising 0.65% in the previous session. Further, US Fed Chair Jerome Powell's dovish statement, positive trend in the equity markets, weak dollar and continues foreign fund inflows supported the rupee and restricted the downfall.

The local unit was trading in a narrow range after opening at 73.87 per US currency and traded unchanged at 73.82, from its previous close of 73.82, its highest level against the dollar since March 13, 2020

According to a Reliance Securities report, the recovery of the US dollar from its lows could limit the appreciation, while depreciation bias will be limited, supported by foreign flows in the market.

"The US dollar was flat this morning in Asian trade, but downside remained limited for the greenback after the Federal Reserve's aggressive new strategy to lift employment and increased tolerance for higher inflation pushed US bond yields up," the report said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19 per cent to 92.82. Dollar index fell today post-Fed Chairman's speech in which he hinted at shifting inflation target.

On the domestic equity market front, Sensex and Nifty opened on a bullish note on Friday,  amid positive global equities. Sensex was rising 188 points higher at 39,301 and Nifty was rising 52 points higher at 11,611.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,164.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 809.27 crore in the Indian equity market on Thursday, provisional data showed.

In India, the death toll touched 61,694 and total coronavirus cases reached 33.83 lakh as of Friday. Worldwide, there were 246 lakh confirmed cases and 8.35 lakh deaths from COVID-19 outbreak.Gold price rises after 2 days; silver rates at Rs 65,500Share Market News Live: Sensex rises 420 points, Nifty at 11,666; ICICI Bank, Axis Bank, Grasim top gainers

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