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Rupee rises 33 paise to 73.33 amid weak dollar, positive equities

The local unit opened at 73.47 per US dollar at the interbank forex market, then gained further ground and touched 73.33, registering a rise of 33 paise over its previous close

twitter-logoBusinessToday.In | September 18, 2020 | Updated 12:32 IST
Rupee rises 33 paise to 73.33 amid weak dollar, positive equities
The dollar index, which gauges the greenback's strength against a basket of six currencies, steadied after falling overnight and traded 0.07% lower at 92.90

Indian rupee, the domestic currency benchmark strengthened by 33 paise to 73.33 against the US dollar on Friday's opening trade   as weak American currency and positive domestic equities buoyed currency investor sentiments.

The local unit opened at 73.47 per US dollar at the interbank forex market, then gained further ground and touched 73.33, registering a rise of 33 paise over its previous close.

On Thursday, rupee depreciated by 14 paise to settle at 73.66 per US dollar, amid weak equities.

The dollar index, which gauges the greenback's strength against a basket of six currencies, steadied after falling overnight and traded 0.07% lower at 92.90. The central banks around the world continued to inject stimulus to reivive their respecitive domestic economies from the downturn caused by the pandemic, leading to currency devaluation especially dollar.

Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said, "Weakness is a dollar on the back of Federal Reserve pledged to keep interest rates low for a long time but stopped short of offering further on stimulus to shore up a battered U.S. economy and they also hold interest rates till 2023 with inflation never breaching 2% over the period."

On the equities front, Asian markets were mostly trading positive while, US and European indices closed in the red. Domestic 30-share BSE benchmark Sensex was trading 97.81 points higher at 39,077.66, and the broader NSE Nifty 50 index advanced 41.30 points to 39,077.66.

Share Market News Live: Sensex rises 120 points, Nifty at 11,566; Sun Pharma, Cipla, Dr Reddy top gainers

Foreign portfolio investors (FPIs) sold shares worth Rs 249.82 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,067.83 crore in the Indian equity market on 17 September, provisional data showed.

Oil price rose as OPEC and its allies said that it would crack down on countries which failed to comply with output cuts and planned an EM in October. Brent crude futures, the global oil benchmark, rose 0.55 per cent to USD 43.54 per barrel.

Worldwide, there were 303.51 lakh confirmed cases and 9.50 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 0.84 lakh and total coronavirus cases to 52.21 lakh as of Friday.

Gold price rises to Rs 51,600, silver rates at Rs 68,500

Stocks in news: Vedanta, Dr Reddy, Hindalco, EIH, TVS Motors

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