Rupee Gives Up Early Gains, Ends Marginally Lower At 73.34 Against Dollar

Rupee Vs Dollar Rate Today: The rupee closed 0.27 per cent lower at 73.34 against the US currency, compared to its previous close of 73.14.

Rupee Gives Up Early Gains, Ends Marginally Lower At 73.34 Against Dollar

Rupee Vs Dollar: The rupee is down 2.75% against the dollar so far this year

Rupee Vs Dollar Today: The rupee gave up early gains to end marginally lower at 73.34 against the US dollar on Monday, as the greenback strengthened after US central bank chairman's remarks that last month's jobs data was good. It moved within a 42-paisa range, between 73.02 and 73.44, against the greenback, having started the day nearly unchanged at 73.16. A firmer dollar overseas put pressure on the rupee, although gains in Asian currencies limited its fall, according to analysts. 

The rupee closed 0.27 per cent lower at 73.34 against the US currency, compared to its previous close of 73.14.

Domestic stock markets ended a volatile session on Monday slightly higher, as investors looked past surging coronavirus infections and took cues from global shares.

The S&P BSE Sensex index ended 0.16 per cent higher at 38,417.23, and the broader NSE Nifty 50 benchmark closed up 0.19 per cent at 11,355.05, following a fall or nearly 3 per cent last week.

The dollar index - which measures the dollar against six other currencies - was last seen trading 0.33 per cent higher, having risen as much as 0.40 per cent earlier on Monday.

While the Japanese yen was flat against the US currency, the Chinese yuan traded 0.15 per cent higher, the Taiwanese dollar was up 0.13 per cent, the South Korean won also up 0.13 per cent, and the Thai baht up 0.08 per cent. 

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"We expect the 72.50-73.50 range to hold this week. 72.50 is an extremely crucial support," said Abhishek Goenka, founder and CEO of forex advisory firm IFA Global. "Developments on the Indo-China border will have to be closely tracked," he added.

(Also Read: Rupee's Appreciation Has Been Softer Against Dollar's Depreciation)

On Friday, Federal Reserve Chairman Jerome Powell said the US jobs report for August was "a good one", but with gains likely to slow, the US cetnral bank is planning to keep its foot on the monetary policy gas pedal for years.

At the current level, the rupee is down 2.75 per cent against the dollar so far this year, although it has recovered 4.64 per cent from an all-time low of 76.91, registered in April.