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Rupee rises by 11 paise to 73.77 amid weak dollar, sustained foreign fund inflows

BusinessToday.In     November 27, 2020

Indian rupee, the domestic currency benchmark, appreciated by 11 paise to 73.77 per US dollar on Friday's opening session amid sustained foreign fund inflows and weak American currency.

The domestic unit opened at 73.80 against the US dollar at the interbank forex market, and gained ground by 11 paise over its previous close to touch 73.77 against the greenback.

On Thursday, the Indian rupee closed 3 paise higher at 73.88 per dollar, tracking positive domestic equities and sustained foreign fund inflows.  

Meanwhile, the dollar index, was down 0.08 per cent to 91.92 against a basket of six currencies.

On the domestic key economic data, currency traders are awaiting the July-September quarter gross domestic product data scheduled to be released later in the day by National Statistics Office.

Traders said April-November fiscal deficit, October goods and services tax (GST) collections and October core sector data shall also be in focus.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,027.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,400.10 crore in the Indian equity market on 26 November, provisional data showed.

On the domestic equity market front, turned bearish by the first hour of session on Friday, amid mixed global equities. Sensex was trading 160 points lower at 44,070 and Nifty fell by 25 points to 12,959. Yesterday, Sensex ended 431 points higher at 44,259 and Nifty gained 128 points to 12,987.

Brent crude futures, the global oil benchmark, was trading unchanged at USD 47.80 per barrel. Oil prices are trading flat this morning due to quiet trade yesterday due to US Thanksgiving holiday and also due to concerns over oversupply.

"The July-September quarter GDP data is due to be released today post market hours. After a 23 per cent year-on-year contraction in the first quarter, the economy is likely to have contracted 8 per cent year-on-year in the second quarter," Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further added that "the RBI governor at an event on Thursday said the policy would continue to remain accommodative through the current fiscal and next. He said though the recovery has been strong one needs to see whether aggregate demand holds up post festive season."

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