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Rupee surges 14 paise to 73.62 amid weak US dollar, positive equities

Rupee opened at 73.66 against the US dollar at the interbank forex market, then inched higher by 14 paise to 73.62 against the greenback, over its previous close

twitter-logoBusinessToday.In | December 24, 2020 | Updated 11:48 IST
Rupee surges 14 paise to 73.62 amid weak US dollar, positive equities
Meanwhile, the dollar index, fell 0.20 per cent to 90.22 as against a basket of six currencies

Indian rupee, the domestic currency appreciated by 14 paise to 73.62 per US dollar on Thursday' opening trade as sustained foreign fund inflows and hectic buying in domestic equities strengthened investor sentiment. Weakness of the American currency in the overseas market also supported the domestic unit.

Rupee opened at 73.66 against the US dollar at the interbank forex market, then inched higher by 14 paise to 73.62 against the greenback, over its previous close.

On Wednesday, the rupee pared most of its initial losses and settled for the day 8 paise higher at 73.76 per US dollar, tracking a rebound in domestic equities.

Meanwhile, the dollar index, fell 0.20 per cent to 90.22 as against a basket of six currencies.

Reliance Securities said in a research note ,"The US dollar is trading on a weak note as risk appetite rose on the expectation of an imminent Brexit trade deal between the UK and the European Union. Further, Asian currencies were trading flat to stronger against the greenback this morning and could lend support to the domestic unit."

On the domestic equity market front, market indices traded on a bullish note for third straight session on Thursday, amid positive global equities. Sensex rose by 403 points to 46,847 and Nifty gained by 114 points to 13,715.

Foreign portfolio investors (FPIs) bought shares worth Rs 536.13 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,326.92 crore in the Indian equity market on 23 December, provisional data showed.

Brent crude futures, the global oil benchmark, rose 0.68 per cent to USD 51.55 per barrel. Oil price gained as US crude inventories fell, lifting hopes for some bounce back in fuel demand. US crude inventories fell by 562000 barrels in the week to December 18.

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