Rupee surges 16 paise to close at 72.49 against US dollar

Mon Feb 22 2021

The rupee gained 16 paise to settle at 72.49 (provisional) against the US dollar on Monday supported by sustained foreign fund inflows and expectation of improved macro-economic data.

At the interbank forex market, the local unit opened at 72.58 against the greenback and witnessed an intra-day high of 72.29 and a low of 72.58.

It finally ended at 72.49 against the American currency, registering a rise of 16 paise from its previous close.

On Thursday, the rupee had settled at 72.65 against the American currency. The forex market was shut on Friday on account of Chhatrapati Shivaji Maharaj Jayanti.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.04 per cent to 90.40.

"Indian Rupee gained strength amid steady FII inflows and expectation of improved macro-economic data. India’s GDP data is forecast to show that economy expanded in Q3 FY21 after 2 consecutive quarters of contraction," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas

 

 

Source: www.thehindubusinessline.com