Rupee Gains By 13 Paise To Close At 74.77 Against Dollar

Rupee Vs Dollar Today: The rupee moved in a range of 74.82-74.86 against the dollar after opening mildly stronger at 74.83 compared to its previous close of 74.90.

Rupee Gains By 13 Paise To Close At 74.77 Against Dollar

Rupee Vs Dollar: The rupee is down 4.78% against the dollar so far this year

Rupee Vs Dollar Rate Today: The rupee gained by 13 paise - or 0.17 per cent - to close at 74.77 on Tuesday, amid strength in domestic equity markets. After starting mildly stronger at 74.83 against the US currency compared to its previous close of 74.90, the rupee moved between 74.77 and 74.86 during the four-hour session before settling at the strongest level of the day. At the current level, the rupee has recovered 2.78 per cent against the US currency since an all-time low of 76.91 registered in April, but is still down 4.78 per cent so far this year.

Domestic stock markets registered sharp gains, with the benchmark NSE Nifty 50 index hitting its highest intraday level recorded since March 5. The Nifty 50 index climbed to as high as 11,373.60, up 0.92 per cent from its previous close, during the session, and was on course to end higher for the sixth session in a row.

Crude oil prices rose, underpinned by expectations of a US stimulus to help jumpstart the world's biggest oil consumer, a rebound in Asian demand as economies reopen and a stronger stock market.

Brent crude futures - the global benchmark for crude oil - were last seen trading 0.64 per cent higher at $45.28 per barrel.

The dollar index - which measures the dollar against six currencies - declined as much as 0.27 per cent on Tuesday. 

"The rupee has performed relatively well going against its weakening seasonality behaviour. This can be associated with the foreign inflows which have remained persistent and supported the rupee against depreciation," said Amit Pabari, managing director at forex advisory firm CR Forex.

"With sustained Reserve Bank of India intervention in the forex market, strength in the pair shall be limited to 74.50 levels in the near term," he said.