Rupee Returns To 75 Mark Against Dollar After Over 2 Weeks

Rupee Vs Dollar Today: The rupee weakened by 21 paise - or 0.28 per cent - to end at 75.03 against the US dollar on Thursday, its lowest closing recorded since August 4. It traded within a range of 74.93-75.05 against the greenback during the four-hour session, having started the day weaker at 74.98 compared to its previous close of 74.82. Gains in the dollar overseas and losses in domestic equities put pressure on the rupee, according to analysts.

At the current level, the rupee has recovered 2.44 per cent against the dollar since an all-time low of 76.91 registered in April, but is still down 5.14 per cent so far this year.

Domestic stock markets trimmed early losses amid weakness across global equities, after the US central bank warned the American economy faced a highly uncertain path to recovery from the coronavirus-induced downturn.

The S&P BSE Sensex index fell as much as 1.04 per cent to 38,212.66 during the session, and the broader NSE Nifty 50 benchmark dropped as much as 1.02 per cent to 11,294.15. Both indices were on course to close lower after three days of gain.

The dollar index - which gauges the dollar against six currencies - rose as much as 0.22 per cent on Thursday.

Crude oil prices fell as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged. Brent crude futures - the global benchmark - were last seen trading down 0.79 per cent at $45.01 per barrel.

The Federal Reserve's minutes of its latest policy meeting showed officials remained doubtful about a swift rebound in economic growth.

Global market sentiment had been bullish up until the central bank's comments, with the S&P 500 and the Nasdaq hitting all-time highs driven largely by Apple Inc, whose market value touched the $2-trillion milestone.

Currently, trading in the domestic forex market takes place from 10 am to 2 pm on account of the coronavirus pandemic.