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Rupee surges 13 paise to 73.12 against US dollar

Wed Jan 13 2021

The rupee appreciated 13 paise to 73.12 against the US dollar in opening trade on Wednesday, as heavy buying in domestic equities and the American currency’s weakness in the overseas market lifted investor sentiment.

At the interbank forex market, the domestic unit opened at 73.16 against the US dollar and inched higher to 73.12 against the greenback, registering a rise of 13 paise over its previous close.

On Tuesday, the rupee had settled at 73.25 against the American currency.

Traders said the rupee was trading on a stronger note against the greenback as the dollar rally lost steam. Moreover, FPI flows into the domestic equity markets also supported the domestic unit.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.13 per cent to 89.98.

"US dollar Index extended losses this morning in Asian trade against major peers as a retreat in US yields sapped momentum from its recent rebound and investors cautiously resumed bets that it can resume sliding," Reliance Securities said in a research note.

The euro, sterling and Japanese yen were higher against the US dollar this morning in Asian trade.

Source: https://www.thehindubusinessline.com

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