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Rupee rises 6 paise to 74.78 against US dollar in early trade

Wed July 29 2020


The Indian rupee gained six paise to trade at 74.78 against the American dollar in early deals on Wednesday tracking weakness in the greenback.


At the interbank forex market, the rupee was trading in a narrow range.


It opened at 74.83 against the US dollar gained further ground and touched 74.78 against the US dollar, up six paise over its last close of 74.84.


“The rupee continues to remain in the 74.50-75.00 band. Nationalised banks continue to buy US dollars aggressively on dips. The dollar has been weakening against majors, but the overall Asian and the emerging market basket has not appreciated to the same extent against the USD,” IFA Global Founder and CEO Abhishek Goenka said.


Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.02 per cent to 93.68.


“Ahead of the US Federal Reserve’s policy today, the central bank has extended its emergency lending programs by three months to the end of 2020. This further stoked USD weakness,” Goenka said.


He added that “today is the exchange-traded currency derivative expiry for July. We may see some selling on RBI fix on account of the same“.


Source: Hindu business line.


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