The rupee registers its gains for the first time in six days; up 11 paise to 74.12 against the dollar


The Indian rupee broke its five-game losing streak on Friday to settle at 11 paise at 74.12 against the US dollar, following the strength of global currencies against the greenback.

On the interbank foreign exchange market, the local unit experienced high volatility.

It opened on a negative note at 74.33 per dollar against its previous close of 74.23.

It hovered between 74.11 and 74.35 per dollar during the day before ending at 74.12 against the US dollar.

On a weekly basis, the rupee has fallen 44 paise against the US dollar.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, slipped 0.15% to 94.08.

Global oil benchmark Brent crude futures fell 0.49% to $ 77.93 per barrel.

The rupee traded with gains thanks to the strength of global currencies and the weakness of the dollar index, said Jateen Trivedi, senior research analyst at LKP Securities, adding that crude prices have hovered at a low. some profit taking from above which helped the rupee gains.

As the power shortages in China and the financial woes of reality TV company Evergrand indirectly divert the view of investing towards Indian markets. The rupee has a strength near 74.50, which will be resistance for the USD / INR pair going forward, ”he said.

On the national stock market front, the BSE Sensex ended down 360.78 points or 0.61% at 58,765.58, while the broad NSE Nifty index lost 86.10 points or 0 .49% to close at 17,532.05.

(To receive our electronic paper daily on WhatsApp, please click here. We allow sharing of the PDF document on WhatsApp and other social media platforms.)

Posted on: Friday October 01, 2021, 6:07 PM IST

About Rodney Fletcher

Check Also

Dollar Traps US Businesses in $4 Trillion Stress Test

US one dollar banknotes are seen in front of the stock market graph displayed in …

Leave a Reply

Your email address will not be published.