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Rupee gains 15 paise to close at 74.46

Thu July 22 2021

 

The domestic currency gained amid rally in stocks

The rupee strengthened against the US currency for the second straight session on Thursday, closing 15 paise higher at 74.46 amid a rally in the domestic stocks.

At the interbank forex market, the rupee opened at 74.46, and hit an intra-day high of 74.33 and a low of 74.53. It finally finished at 74.46, higher by 15 paise over its last close.

On Tuesday, the rupee had settled at 74.61 against the US dollar. Forex market was closed on Wednesday on account of 'Bakri Id'.

In the two straight sessions, the rupee has appreciated 42 paise against the American currency.

"The Indian rupee appreciated against the dollar as risk sentiment improved in the region amid hopes that the recent surge in coronavirus infections may not have a major impact on the global economic recovery," said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Additionally, markets could also be factoring in that the Fed and other central banks could continue to lend support to the economy fearing the recent surge of COVID-19 infections, Iyer said.

Regional currencies appreciated against the dollar and also lent support to the local unit.

Brent crude futures, the global oil benchmark, rose 0.98 to $72.94 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.01 per cent to 92.74.

 

Source: https://www.thehindubusinessline.com/

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