Rupee At 75.57 Vs Dollar, Remains Nearly Unchanged For Week

Rupee Vs Dollar Today: The rupee swung between gains and losses within a range of 75.34-75.58 during the session, having started the day stronger at 75.38 against the greenback.

Rupee At 75.57 Vs Dollar, Remains Nearly Unchanged For Week

Rupee Vs Dollar: The rupee is down 5.90% against the dollar so far this year

Rupee Vs Dollar Today: The rupee moved in a tight range before ending flat at 75.57 against the dollar on Friday despite mild gains in most Asian currencies. The rupee swung between gains and losses touching 75.34 and 75.58 at the strongest and the weakest levels recorded during the four-hour session respectively, having started the day stronger at 75.38 compared to its previous close of 75.57. For the week, the rupee gained by 4 paise against the greenback, following a rise of 34 paise (0.45 per cent) in the week ended May 29.

Domestic equity markets closed higher, led by gains in financials, with the State Bank of India surging 8 per cent after reporting a more than four-fold jump in its profit for the March quarter. The Nifty ended 1.13 per cent higher at 10,142.15, while the Sensex closed up 0.90 per cent at 34,287.24.

For the week, the Nifty 50 rose 5.9 per cent and the BSE Sensex 5.75 per cent, with both the indices recording their second straight weekly gain.

Crude oil prices rose after the Organization of the Petroleum Exporting Countries (OPEC) decided to move up talks on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal.

Brent crude futures - the global benchmark for crude oil - were last seen trading 3.15 per cent higher at $41.25 per barrel.

The dollar index - which gauges the greenback's performance against six currencies - fluctuated between the positive and negative territories and was last seen flat at 96.68.

"The (USD-INR) pair remains stuck in a range of 75.00 and 76.00 on spot. One can either wait for prices to travel to flanks of the range and to take contra-bet or sell options to collect premium," brokerage Kotak Securities said in a note.

Currency markets currently operate within reduced trading hours due to the coronavirus-induced lockdown. The temporary timings are from 10 am to 2 pm, instead of the normal timings of 9 am to 5 pm.

At the current level, the rupee is down 5.90 per cent against the dollar so far this year.