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Rupee surges 13 paise to 73.12 amid weak dollar, positive FPI flows

The domestic unit opened at 73.16 per dollar at the interbank forex market, inched 13 paise higher to 73.12 against the greenback over its previous close

twitter-logoBusinessToday.In | January 13, 2021 | Updated 12:45 IST
Rupee surges 13 paise to 73.12 amid weak dollar, positive FPI flows
Meanwhile, the dollar index, fell 0.13 per cent to 89.98 against a basket of six currencies

Indian rupee, the domestic currency appreciated for the second straight session, rising 13 paise to 73.12 per dollar on Wednesday's opening trade, as heavy buying in domestic equities and weakness of the American currency in the overseas market lifted investor sentiment. Moreover, FPI flows into the domestic equity markets also supported the domestic unit.

The domestic unit opened at 73.16 per dollar at the interbank forex market, inched 13 paise higher to 73.12 against the greenback over its previous close.

On Tuesday, the domestic currency recouped yesterday's losses and closed 15 paise higher at 73.25, supported by weakness in the greenback overseas and recovery in domestic equities.

Meanwhile, the dollar index, fell 0.13 per cent to 89.98 against a basket of six currencies. The euro, sterling and Japanese yen were higher against the US dollar this morning in Asian trade.

Reliance Securities said in a research note," US dollar Index extended losses this morning in Asian trade against major peers as a retreat in US yields sapped momentum from its recent rebound and investors cautiously resumed bets that it can resume sliding."

On the domestic equity market front, market indices continued hitting record highs for the fourth straight session on Wednesday, amid mixed global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating positive trend in domestic grounds today.

Sensex was trading 200 points higher at 49,710 and Nifty gained by 60 points to 14,625. In today's session, Sensex and Nifty hit new lifetime highs of 49,776 and 14,645, respectively.

Foreign portfolio investors (FPIs) bought shares worth Rs 571.47 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,334.50 crore in the Indian equity market on 12 January, provisional data showed.

On the domestic macro economic front, the Index of Industrial Production (IIP) contracted 1.9% for November 2020, data released on Tuesday showed. The factory output in the country had grown at 3.6% in October. India's Consumer Price Index (CPI) eased to 4.59% in December from 6.93% in November.

Brent crude futures, the global oil benchmark, rose 1.34 per cent to USD 57.34 per barrel. Oil price hit 11 month high as restricted crude supply and expectation of fall in US crude inventories overshadowed concerns regarding rising covid-19 cases.

Oil prices rise as US crude gains for seventh day

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