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Rupee rises 16 paise to 73.73 amid weak dollar, positive equities

BusinessToday.In     September 25, 2020

Indian rupee, the local currency gained by 16 paise to 73.73 per dollar on Friday's opening session, tracking gains in Asian peers and positive domestic equities.

The domestic unit opened at 73.76 per dollar at the interbank forex market, and then gained further ground to touc 73.73, registering a rise of 16 paise over its previous close.

The dollar index was trading 0.01 per cent down at 93.34 against a basket of six currencies.

On Thursday, the rupee dived 32 paise to touch a near one-month low of 73.89 per dollar, amid a 3% fall in domestic equities.

"Asian currencies have started mixed, however, Chinese yuan has started with gains and could lend support. Markets will look to global cues and could await forex reserves data," Reliance Securities said in a research note.

On the domestic equity market front, Sensex today traded 453 points higher at 37,006 and Nifty gained 127 points to 10,932.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,885.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 188.64 crore in the Indian equity market on 24 September, provisional data showed.

Brent crude futures, the global oil benchmark, rose 0.60 per cent to USD 42.19 per barrel. Earlier, oil price were dropping on concerns over US economic recovery as fear of a second wave of coronavirus lingered.

Worries about the sluggish pace of economic recovery due to the spread of pandemic worldwide have again turned market volatile. Worldwide, there were 324 lakh confirmed cases and 9.87 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 58-lakh mark and the death toll from COVID-19 infections rose to 0.92 lakh.

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