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Rupee rises 22 paise to 73.54 amid weak dollar, positive equities

The domestic unit opened at 73.60 per dollar at the interbank forex market, then gained further ground to touch 73.54, rising 22 paise over its previous close of 73.76 per dollar

twitter-logoBusinessToday.In | October 1, 2020 | Updated 13:06 IST
Rupee rises 22 paise to 73.54 amid weak dollar, positive equities
On the domestic equity market front, market indices traded majorly bullish on Thursday, amid positive global equities

Indian rupee, the currency benchmark, gained by 22 paise to 73.54 per dollar on Thursday, as positive domestic equities and weak American currency buoyed investor sentiments.

The domestic unit opened at 73.60 per dollar at the interbank forex market, then gained further ground to touch 73.54, rising 22 paise over its previous close of 73.76 per dollar.

"Asian currencies have started stronger against the US dollar this morning and could lend support," Reliance Securities said in a research note.

However, month-end importer bids, equity-related outflows and the Reserve Bank of India's presence to curb volatility could limit gains of the currency, it added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent down at 93.70. Dollar traded weak today amid political ucertainity and following signs of progress in negotiations to roll out further US stimulus measures.

On the domestic equity market front, market indices traded majorly bullish on Thursday, amid positive global equities. Sensex was rising 606 points to 38,674 and Nifty gained 170 points to 11,417.

Worldwide, there were 341 lakh confirmed cases and 10.18 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 63-lakh mark and the death toll from COVID-19 infections rose to 0.98 lakh, as of today.

Foreign portfolio investors (FPIs) sold shares worth Rs 712.48 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 409.47 crore in the Indian equity market on 30 September, provisional data showed.

Brent crude futures, the global oil benchmark, fell 0.19 per cent to USD 40.95 per barrel. Oil price bounced back on the back of positive inventory data which showed a decline of 2 mln barrels.

Gold price rises to Rs 50,300, silver rates at Rs 60,400

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