Rupee Gains To 73.33 Vs Dollar, Breaks 2-Day Fall

Array

Rupee Vs Dollar: The rupee is down 2.73% against the dollar so far this year

Rupee Vs Dollar Today: The rupee recovered early losses to end higher against the US dollar on Wednesday. It settled higher by 13 paise – or 0.18 per cent – to close at 73.33, having started the day marginally lower at 73.51 compared to its previous close of 73.46. The rupee moved within a range of 28 paise, between 73.28 and 73.56, against the greenback during the four-hour session. At the current level, the rupee has recovered 4.65 per cent from an all-time low of 76.91, registered in April. 

Gains in domestic equity markets supported the rupee, amid a mixed trend across Asian currencies, say analysts. Benchmark indices S&P BSE Sensex and NSE Nifty 50 extended gains to a fifth straight day on Wednesday, supported by heavyweights Reliance Industries and Tata Consultancy Services. The Sensex closed up 0.8 per cent at 39,878.95 and the Nifty ended up 0.66 per cent at 11,738.85.

The dollar index – which gauges the greenback against six currencies – was last seen trading flat, having earlier gained as much as 0.23 per cent.  

Analysts awaited the outcome of a three-day policy review of the RBI which began on Wednesday. The central bank is widely expected to hold key policy rates at existing levels in a bid to arrest high inflation. 

“The focus will be on growth projections, as since February 2020, the RBI has not given a solid economic projection. Meanwhile, the chatter will orbit around the US political scenario. We are observing an occasional bullish attempt in dollar,” said Rahul Gupta, head of research-currency, Emkay Global Financial Services.

“As the dollar index marches towards 94 zone, there is an uptrend in the USD-INR pair. Also, there still persists an uncertainty in the run-up to US presidential elections and this cautiousness will keep dollar bulls active,” he added. 

Currently, the rupee is down 2.73 per cent against the US dollar so far this year. 

Hot Topics

Related Articles

x