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Rupee soars 47 paise to 74.29 amid weak dollar, positive equities

The domestic unit opened at 74.29 per dollar at the interbank forex market, then gained by 47 paise to 74.29  over its previous close.

twitter-logoBusinessToday.In | November 5, 2020 | Updated 12:46 IST
Rupee soars 47 paise to 74.29 amid weak dollar, positive equities
Traders said investors hoped a win by challenger Joe Biden in the presidential race might result in a additional economic stimulus for the coronavirus-hit economy

Indian rupee gained by 47 paise to 74.29 per dollar on Thursday's opening trade, as positive domestic equities and weak American currency supported the local unit.

Investor sentiments were also strengthened amid expectation of Joe Biden's victory in the US Presidential elections.

The domestic unit opened at 74.29 per dollar at the interbank forex market, then gained by 47 paise to 74.29  over its previous close. On Wednesday, the rupee had plunged by 35 paise to close at its weakest level in over 10 weeks at 74.76 against the US dollar.

Meanwhile, the dollar index, was trading 0.07 per cent down at 93.34 against a basket of six currencies.

On the domestic equity market front, market indices opened on a bullish note on Thursday, amid positive global equities. Sensex gained 512 points to 41,130 and Nifty was rising 146 points to 12,055. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today.

Traders said investors hoped a win by challenger Joe Biden in the presidential race might result in a additional economic stimulus for the coronavirus-hit economy.

Democratic candidate Joe Biden is leading Republican nominee President Donald Trump in terms of electoral votes. As per latest numbers, Joe Biden has won 264 electoral college votes, while US President Donald Trump follows with 214 votes. The winner should have at least 270 electoral college votes.

Foreign portfolio investors (FPIs) bought shares worth Rs 146.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 8.13 crore in the Indian equity market on 4 November, provisional data showed.

Brent crude futures, the global oil benchmark, fell 1.65 per cent to USD 40.55 per barrel.    Oil price gained as Trump falsely claimed victory in US Presidential election when big chunk of votes were still to be counted.

"Risk assets have rallied overnight as things have turned around for Biden. He is now seen as winning Michigan and Wisconsin and is just 6 votes short of 270," said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further noted that "the deficit between Trump and Biden is widening and it does not seem like a Trump challenge would do much to alter what looks like an almost certain Biden win".

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