Rupee darts up 20 paise to 7630 against US dollar
Mumbai Apr 20 PTI Snapping its four-day losing streak the rupee appreciated by 20 paise to settle at 7630 against the US dollar on Wednesday tracking a weak greenback overseas and recovery in domestic equities However unabated foreign fund outflows capped the gains At the interbank forex market the domestic unit opened at 7641 against the US dollar and touched an intra-day high of 7616 and a low of 7652 It finally finished at 7630 registering a rise of 20 paise over its previous close The rupee is currently trading slightly higher today on overnight decline in crude oil prices and positive domestic equity markets Softer US Dollar is also supporting rupee said Praveen Singh AVP- Fundamental currencies and Commodities analyst Sharekhan by BNP Paribas Singh further said We expect Indian Rupee to decline again from higher levels as overall sentiments remain negative for Rupee Geopolitical tensions due to tensions between Russia and Ukraine may again put downside pressure on the Rupee Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies was trading 060 per cent lower at 10035 The US Dollar is also expected to recover from lower levels as hawkish Federal Reserve and elevated US bond yields may continue to support the greenback Singh said On the domestic equity market front the 30-share BSE Sensex ended 57435 points or 102 per cent higher at 5703750 while the broader NSE Nifty surged 17790 points or 105 per cent to 1713655 Brent crude futures the global oil benchmark inched up 076 per cent to USD 10806 per barrel Foreign institutional investors continued their selling spree and offloaded shares worth a net Rs 300926 crore on Wednesday as per stock exchange data According to Sriram Iyer Senior Research Analyst at Reliance Securities the rupee appreciated against the US dollar on Wednesday following gains in local equities and a fall in the dollar and US bond yields Most major equity markets in Asia except China and Hong Kong rose while regional currencies were mixed against the greenback The dollar and US bond yields fell as most investors await the final public statement from Fed Chair Jerome Powell Traders will closely watch for any hints regarding future monetary policy Rupee traded strongly near 7630 compared to 7650 previously amid weakness in Crude and Commodities across the board The rupee has been volatile in a range of 7625-7660 either side break can give a fresh rally A break above 7620 will see a sharp rise toward 7600 said Jateen Trivedi Senior Research Analyst at LKP Securities PTI DRR ABM ABM
Mumbai Apr 20 PTI Snapping its four-day losing streak the rupee appreciated by 20 paise to settle at 7630 against the US dollar on Wednesday tracking a weak greenback overseas and recovery in domestic equities However unabated foreign fund outflows capped the gains At the interbank forex market the domestic unit opened at 7641 against the US dollar and touched an intra-day high of 7616 and a low of 7652 It finally finished at 7630 registering a rise of 20 paise over its previous close The rupee is currently trading slightly higher today on overnight decline in crude oil prices and positive domestic equity markets Softer US Dollar is also supporting rupee said Praveen Singh AVP- Fundamental currencies and Commodities analyst Sharekhan by BNP Paribas Singh further said We expect Indian Rupee to decline again from higher levels as overall sentiments remain negative for Rupee Geopolitical tensions due to tensions between Russia and Ukraine may again put downside pressure on the Rupee Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies was trading 060 per cent lower at 10035 The US Dollar is also expected to recover from lower levels as hawkish Federal Reserve and elevated US bond yields may continue to support the greenback Singh said On the domestic equity market front the 30-share BSE Sensex ended 57435 points or 102 per cent higher at 5703750 while the broader NSE Nifty surged 17790 points or 105 per cent to 1713655 Brent crude futures the global oil benchmark inched up 076 per cent to USD 10806 per barrel Foreign institutional investors continued their selling spree and offloaded shares worth a net Rs 300926 crore on Wednesday as per stock exchange data According to Sriram Iyer Senior Research Analyst at Reliance Securities the rupee appreciated against the US dollar on Wednesday following gains in local equities and a fall in the dollar and US bond yields Most major equity markets in Asia except China and Hong Kong rose while regional currencies were mixed against the greenback The dollar and US bond yields fell as most investors await the final public statement from Fed Chair Jerome Powell Traders will closely watch for any hints regarding future monetary policy Rupee traded strongly near 7630 compared to 7650 previously amid weakness in Crude and Commodities across the board The rupee has been volatile in a range of 7625-7660 either side break can give a fresh rally A break above 7620 will see a sharp rise toward 7600 said Jateen Trivedi Senior Research Analyst at LKP Securities PTI DRR ABM ABM
