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Rupee rises 11 paise to 73.38 amid weak US dollar, positive equities

The domestic unit opened at 73.42 against the US dollar at the interbank forex market, and later rose by 11 paise to 73.38 against the greenback over its previous close

twitter-logoBusinessToday.In | December 29, 2020 | Updated 13:20 IST
Rupee rises 11 paise to 73.38 amid weak US dollar, positive equities
Meanwhile, the dollar index, fell 0.24 per cent to 90.11 against a basket of six currencies. Moreover, Asian currencies are trading stronger against the USD

The rupee appreciated by another 11 paise to trade at 73.38 against the US dollar on Tuesday's opening session, in line with stronger Asian peers and positive domestic equities. The sustained foreign fund inflows also supported the rupee.

The domestic unit opened at 73.42 against the US dollar at the interbank forex market, and later rose by 11 paise to 73.38 against the greenback over its previous close.

On Monday, the rupee settled higher by 6 paise to close at 73.49 per US dollar today, tracking weakness in the American currency and positive domestic equities.

Meanwhile, the dollar index, fell 0.24 per cent to 90.11 against a basket of six currencies. Moreover, Asian currencies are trading stronger against the USD.

Abhishek Goenka, Founder and CEO, IFA Global said,"The phase of weak USD, steepening US yield curve, lower US real rates, stronger equities, stronger commodities and stronger EM assets. Today is the December exchange traded currency derivatives' expiry. Given the high open interest on account of RBI intervention we could see a lot of selling interest at the RBI fix in OTC."

On the domestic equity market front, Sensex was trading 322 points higher at 47,675 and Nifty gained by 85 points to 13,958. During today's session, Sensex hit an all-time high of 47,714 and Nifty logged a lifetime high of 13,967.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,588.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,386.55 crore in the Indian equity market on 28 December, provisional data showed.

Brent crude futures, the global oil benchmark, rose 0.45 per cent to USD 51.09 per barrel. Oil price recovered from the lows made early in trade today, taking cues from UK and EU.

Stocks in news: Coal India, NTPC, Lupin, Biocon, HDFC Bank, SBI Life

Share Market News Live: Sensex rises 100 points, Nifty at 13,873 for first time; Titan, L&T, ONGC top gainers

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