Rupee logs 1st gain in four days up 14 paise against USD
Mumbai Jan 19 PTI The Indian rupee snapped its three-day losing streak to settle 14 paise higher at 7444 against the US dollar on Wednesday in line with positive Asian peers against the greenback The rupee gain however was restricted by a host of factors including weak domestic equities surging crude oil prices and sustained selling by FIIs in domestic markets At the interbank foreign exchange market the rupee opened lower at 7470 a dollar registering a decline of 12 paise from the last close During the day it pared losses and witnessed an intra-day high of 7432 The domestic unit finally settled at 7444 against the American currency up 14 paise over its last close On Tuesday the rupee slumped by 33 paise to close at a two-week low of 7458 against the US dollar The Indian rupee gained the most in a week following stronger regional currencies Domestic bond markets saw a recovery on suspected intervention by the central bank which helped in rupee recovery said Dilip Parmar Research Analyst HDFC Securities Also the relentless selling of dollars from corporates caused speculative unwinding of positions Parmar said Spot USDINR is expected to consolidate within the 7425 to 7480 band in the coming days he added Rupee traded volatile with weak opening trend in morning session and picked up strength later taking support near 7460 and thereafter rallied towards 7440 on the back of weakness in the dollar Jateen Trivedi Senior Research Analyst at LKP Securities said Technical resistance for USDINR also supported rupee from 7460 where it has shown resistance to cross earlier in Jan 2022 start and going ahead market shall be in range of 7425-7460 he added Meanwhile the US dollar index which measures the greenbacks strength against the basket of six currencies fell 011 per cent to 9562 Brent crude futures the global oil benchmark jumped 094 per cent to USD 8833 per barrel Foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 125495 crore as per stock exchange data On the domestic equity market front the BSE Sensex ended 65604 points or 108 per cent lower at 6009882 while the broader NSE Nifty declined 17465 points or 096 per cent to 1793840 PTI DRR BAL MKJ
Mumbai Jan 19 PTI The Indian rupee snapped its three-day losing streak to settle 14 paise higher at 7444 against the US dollar on Wednesday in line with positive Asian peers against the greenback The rupee gain however was restricted by a host of factors including weak domestic equities surging crude oil prices and sustained selling by FIIs in domestic markets At the interbank foreign exchange market the rupee opened lower at 7470 a dollar registering a decline of 12 paise from the last close During the day it pared losses and witnessed an intra-day high of 7432 The domestic unit finally settled at 7444 against the American currency up 14 paise over its last close On Tuesday the rupee slumped by 33 paise to close at a two-week low of 7458 against the US dollar The Indian rupee gained the most in a week following stronger regional currencies Domestic bond markets saw a recovery on suspected intervention by the central bank which helped in rupee recovery said Dilip Parmar Research Analyst HDFC Securities Also the relentless selling of dollars from corporates caused speculative unwinding of positions Parmar said Spot USDINR is expected to consolidate within the 7425 to 7480 band in the coming days he added Rupee traded volatile with weak opening trend in morning session and picked up strength later taking support near 7460 and thereafter rallied towards 7440 on the back of weakness in the dollar Jateen Trivedi Senior Research Analyst at LKP Securities said Technical resistance for USDINR also supported rupee from 7460 where it has shown resistance to cross earlier in Jan 2022 start and going ahead market shall be in range of 7425-7460 he added Meanwhile the US dollar index which measures the greenbacks strength against the basket of six currencies fell 011 per cent to 9562 Brent crude futures the global oil benchmark jumped 094 per cent to USD 8833 per barrel Foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 125495 crore as per stock exchange data On the domestic equity market front the BSE Sensex ended 65604 points or 108 per cent lower at 6009882 while the broader NSE Nifty declined 17465 points or 096 per cent to 1793840 PTI DRR BAL MKJ
