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Rupee rises 10 paise to 73.80 per dollar amid sustained foreign fund inflows, positive equities

BusinessToday.In     December 8, 2020

Indian rupee, the domestic currency appreciated by 10 paise to 73.80 per US dollar on Tuesday's opening session as sustained foreign fund inflows and strong domestic equities boosted investor sentiment.

The domestic unit opened at 73.83 against the US dollar at the interbank forex market and gained by 10 paise to touch a high of 73.80 over its previous close.

On Monday, the rupee settled 10 paise lower at 73.90 against US dollar.

Meanwhile, the dollar index was up 0.07% to 90.85 against a basket of six currencies.

"Asian currencies have started weaker this morning and could weigh on sentiments," Reliance Securities said in a research note adding that "RBI's presence in the market and a recovery of the greenback could also keep appreciation bias limited".

Foreign portfolio investors (FPIs) bought shares worth Rs 3,792.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,767.09 crore in the Indian equity market on 7 December 2020, provisional data showed.

On the domestic equity market front, Sensex and Nifty scaled record highs for the fourth consecutive session, backed by positive global cues, progress in Covid 19 vaccine, strong FIIs inflows and signs of economic recovery. While Sensex gained 109 points to 45,564, Nifty rose 44 points to 13,400. Intra day, both indices touched all time highs today, with Sensex hitting, 45,606 and Nifty touching, 13,400.

Brent crude futures, the global oil benchmark, was trading 0.82 per cent lower at USD 48.39 per barrel. Oil prices slipped, taking cues from rising covid-19 cases across the globe ignoring covid-19 vaccine development and OPEC+ news of production cut.

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