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Rupee zooms 44 paise to 73.92 per dollar amid positive equities, foreign fund inflows

The domestic unit opened at 73.99 per US dollar at the interbank forex market, then gained by 44 paise to touch 73.92 over its previous close

twitter-logoBusinessToday.In | November 6, 2020 | Updated 13:07 IST
Rupee zooms 44 paise to 73.92 per dollar amid positive equities, foreign fund inflows
On Thursday, rupee zoomed 40 paise to close at 74.36 against the US dollar

Indian rupee, the currency benchmark, gained by 44 paise to 73.92 per dollar on Friday's opening trade, supported by foreign portfolio flows and positive domestic equities.

Traders said investors continued to wait for the outcome of the US elections, expecting Joe Biden's victory.

The domestic unit opened at 73.99 per US dollar at the interbank forex market, then gained by 44 paise to touch 73.92 over its previous close.

On Thursday, rupee zoomed 40 paise to close at 74.36 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.12 per cent up at 92.63.

On the domestic equity market front, market indices extended gains for the fifth straight session. Sensex gained 300 points higher at 41,640 and Nifty gained 85 points to 12,205.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,368.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,208.18 crore in the Indian equity market on 5 November, provisional data showed.

Brent crude futures, the global oil benchmark, fell 2.39 per cent to USD 39.95 per barrel. Oil price slipped on rising fear over coronavirus infections and the uncertainty surrounding US Presidential election outcome.

"The US dollar has been badgered as Joe Biden closed in on a victory and the US Federal Reserve reiterated its commitment to keeping the policy stance accommodative until its target of getting the inflation to overshoot 2 per cent moderately for sometime is achieved," said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further said that "overall risk sentiment is upbeat. A Biden White House would bring more stability and reduce uncertainty in foreign policy as well as domestic policy; and therefore, though it seems like the Republicans are on course to retain control of the Senate, investors do not seem to be too bothered about it at this stage".

Reliance Securities in a report said that the uptick in the rupee was supported by foreign portfolio flows. "We could see Reserve Bank of India's presence in the market today to curb volatility," it added.

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