Rupee rises 14 paise to 73.15 amid weak dollar, positive equities
BusinessToday.In October 6, 2020
Indian rupee gained 14 paise to trade at 73.15 per dollar on Tuesday, helped by positive domestic equities and weak American currency.
The domestic unit opened at 73.17 in the interbank forex market, and gained further ground to touch 73.15, rising 14 paise over its previous close.
On Monday, the rupee had depreciated by 16 paise to settle at 73.29 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent down at 93.39. Progress on fresh stimulus caused dollar index to fall against other currency holders.
"Anticipation of US President Trump recovering from COVID and of Democrats and Republicans reaching a consensus on a fiscal stimulus package seems to be buoying risk sentiment," said Abhishek Goenka, Founder and CEO, IFA Global.
On the domestic equity market front, the BSE benchmark Sensex was trading 358.66 points higher at 39,332.36, and the broader NSE Nifty rose 97.30 points to 11,600.65. Global equities were buoyed today following news of improvement in both U.S. President Donald Trump's health and prospects for a U.S. stimulus package.
Brent crude futures, the global oil benchmark, rose 0.65 per cent to USD 41.56 per barrel. Oil price gained after reports that President Trump to recovering from Covid-19 and as six NOrwegian offshore oil & gas fields were shut due to strike.
Foreign portfolio investors (FPIs) bought shares worth Rs 236.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 471.56 crore in the Indian equity market on 5 October 2020, provisional data showed.
Worldwide, there were 357 lakh confirmed cases and 10.45 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload were at 66-lakh mark and the death toll from COVID-19 infections rose to 10.3 lakh, as of today.