Rupee Gains To 73.29 Against Dollar Amid Weaker American Currency

Rupee Vs Dollar Rate: At the interbank foreign exchangemarket, the domestic unit opened at 73.41 against the dollar and registered an intra-day high of 73.22

Rupee Gains To 73.29 Against Dollar Amid Weaker American Currency

Rupee Vs Dollar Today: The rupee settled at 73.29 against the dollar

The rupee appreciated by 13 paise against the US dollar on Friday, May 14, to settle at 73.29 (provisional), amid weaker American currency in the global markets. At the interbank foreign exchange market, the domestic unit opened at 73.41 against the dollar and registered an intra-day high of 73.22. It witnessed a low of 73.41. In the early trade session, the local unit opened on a flat note, gaining six paise to 73.36 against the greenback. The rupee closed at 73.29 against the dollar, registering a rise of 13 paise over its previous closing.

On Wednesday, May 12, the local unit declined eight paise to settle at 73.42 against the dollar. On Tuesday, May 11, the rupee settled almost flat to 73.47 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.23 per cent to 90.54. ''USDINR  after going to 73.70 in NDF has fallen back to its level of 73.45 and should open somewhere there. Lots of flows and less buyers is keeping it well offered at any higher level whether in NDF or domestic market despite equities down,'' said Mr Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

''The USD/INR exchange rate opened the day at 73.37 down by 0.18 paisa against USD from the previous day's close. ICMR (Indian Council Of Medical Research) Chief, said in an interview that lockdown should be continued in those districts where rate of covid infection is greater than or equal to 10 per cent. The impact of this might be seen in upcoming sessions on currency markets as well as on domestic stocks,'' said Kshitij Purohit, Lead International Products & Commodities at CapitalVia Global Research Limited.

On the domestic equity market front, the BSE Sensex ended 41.75 points or 0.86 per cent higher at 48,732.55, while the broader NSE Nifty dropped 18.70 points or 0.13 per cent to 14,677.80. 

The last week has been volatile for the traders, the week started on a  positive note but due to extremely uncertain global cues index shed over 370/ 1100 points or nearly one percent. Among Sectors, after a robust rally metal stocks witnessed profit booking, in this week alone the Metal index corrected over 4.5 percent,'' said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

''Nifty-50 is down by ~1 per cent this week as markets are worried about risks from rising inflation globally and extension of Covid-19 restrictions in various states locally. After seeing unprecedented up move since the start of the year the BSE Metal Index fell by four per cent this week,'' said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.

''PSU stocks were major gainers this week led by names like Coal India, IOC, Power Grid and NTPC. The BSE PSU Index was up three per cent this week....The global correction and potential impact of commodity prices on this quarter's earnings can lead to some kind of correction in Indian markets in the very near future,'' he added.

According to exchange data, the foreign institutional investors were net sellers in the capital market on May 12 as they offloaded shares worth Rs 1,260.59 crore. Brent crude futures, the global oil benchmark, rose one per cent to $ 67.72 per barrel.