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Rupee clocks first gain in three days, up 4 paise against dollar

Wed Oct 14 2020

 

The rupee managed to pare intra-day losses to settle higher by a marginal 4 paise at 73.31 against the US dollar on Wednesday, tracking upbeat Asian peers and late buying in domestic equities.

 

At the interbank forex market, the rupee traded in a narrow range. It opened at 73.39 against the US dollar and hit an intra-day high of 73.28 and a low of 73.47.

 

The Indian currency finally settled for the day at 73.31 against the greenback, higher by 4 paise over its previous close of 73.35 - logging its first gain in three days.

 

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 93.47.

 

However, Brent crude futures, the global oil benchmark, rose 0.09 per cent to $42.49 per barrel.

 

On the domestic stock market front, the BSE index after trading in negative territory for a better part of the session, staged a strong comeback towards the fag-end of the day. It finished the session at 40,794.74, up 169.23 points or 0.42 per cent.

 

Similarly, the broader NSE Nifty rose 36.55 points or 0.31 per cent to end at 11,971.05.

 

“The Indian rupee gained after two days of downticks, following cues from Asian currencies The risk tone remains cautious as domestic equities remained range-bound after nine consecutive daily gains. Forex market traders remained circumspect ahead of US presidential election and Brexit deadline,” Devarsh Vakil, Deputy Head Retail Research, HDFC Securities, said.

 

He further said investors became more cautious over rising Covid-19 cases, vaccine trials being paused and US fiscal stimulus talks hitting a new impasse.

 

Meanwhile, exchange data showed that foreign investors bought equities worth a net Rs 821.86 crore in the Indian market on Wednesday.

 

Source: www.thehindubusinessline.com

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