Rupee jumps to 3-week high of 7503 against USD
Mumbai Dec 24 PTI Continuing its winning streak for the seventh straight session the rupee on Friday rose by 23 paise to a three-week high of 7503 against the US dollar as risk appetite improved in view of broader weakness in the greenback At the interbank forex market the local unit opened at 7512 against the greenback and witnessed an intra-day high of 7500 and a low of 7520 Over the past seven sessions the domestic currency has gained 129 paise against the greenback In the absence of fresh global cues the rupee gained every single day of the week and recovered the ground it lost during the start of the month Dilip Parmar- Research Analyst HDFC Securities said The local currency marked the seventh gaining streak up almost 15 per cent last time such a move was seen in December 2019 when it gained 1 per cent in eight trading sessions Parmar said According to Sriram Iyer Senior Research Analyst at Reliance Securities the Indian rupee appreciated against the US Dollar on Friday and was strong for the week as foreign banks sold the greenback on behalf of exporters and broader dollar weakness According to a new analysis by the UK Health Security Agency UKHSA released on Thursday Omicron is less severe than the Delta variant The findings coincide with two other studies based on real-world COVID-19 UK data which also report that the Omicron variant is less severe than the Delta variant with fewer infected people requiring hospitalisation Forex traders said ahead of the holidays and extended long weekend in the United States most major currency pairs are trading in narrow ranges Meanwhile the dollar index which measures the greenbacks strength against the basket of six currencies fell 006 per cent to 9601 Brent crude futures the global oil benchmark fell 116 per cent to USD 7596 per barrel Foreign institutional investors remained net sellers in the capital market on Thursday as they offloaded shares worth Rs 27159 crore as per exchange data On the domestic equity market front the BSE Sensex ended 19097 points or 033 per cent lower at 5712431 while the broader NSE Nifty declined 6885 points or 04 per cent to 1700375 PTI DRR MKJ
Mumbai Dec 24 PTI Continuing its winning streak for the seventh straight session the rupee on Friday rose by 23 paise to a three-week high of 7503 against the US dollar as risk appetite improved in view of broader weakness in the greenback At the interbank forex market the local unit opened at 7512 against the greenback and witnessed an intra-day high of 7500 and a low of 7520 Over the past seven sessions the domestic currency has gained 129 paise against the greenback In the absence of fresh global cues the rupee gained every single day of the week and recovered the ground it lost during the start of the month Dilip Parmar- Research Analyst HDFC Securities said The local currency marked the seventh gaining streak up almost 15 per cent last time such a move was seen in December 2019 when it gained 1 per cent in eight trading sessions Parmar said According to Sriram Iyer Senior Research Analyst at Reliance Securities the Indian rupee appreciated against the US Dollar on Friday and was strong for the week as foreign banks sold the greenback on behalf of exporters and broader dollar weakness According to a new analysis by the UK Health Security Agency UKHSA released on Thursday Omicron is less severe than the Delta variant The findings coincide with two other studies based on real-world COVID-19 UK data which also report that the Omicron variant is less severe than the Delta variant with fewer infected people requiring hospitalisation Forex traders said ahead of the holidays and extended long weekend in the United States most major currency pairs are trading in narrow ranges Meanwhile the dollar index which measures the greenbacks strength against the basket of six currencies fell 006 per cent to 9601 Brent crude futures the global oil benchmark fell 116 per cent to USD 7596 per barrel Foreign institutional investors remained net sellers in the capital market on Thursday as they offloaded shares worth Rs 27159 crore as per exchange data On the domestic equity market front the BSE Sensex ended 19097 points or 033 per cent lower at 5712431 while the broader NSE Nifty declined 6885 points or 04 per cent to 1700375 PTI DRR MKJ
