Rupee rallies 40 paise to close at 7329 against US dollar
Mumbai Aug 30 PTI The rupee surged by 40 paise to close at 7329 provisional against the US dollar on Monday supported by a firm trend in domestic equities and a weak American currency At the interbank forex market the local unit opened strong at 7346 against the greenback and later gained strength to settle at 7329 higher by 40 paise over its previous close of 7369 The local unit moved in a range of 7321 to 7354 in the day trade The rupee logged the third straight session of gain on Monday In the three trading sessions the local unit appreciated by 95 paise against the US dollar Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies was trading unchanged at 9268 The Indian rupee continued Fridays upward momentum and became the second-best performing currency among Asian basket said Dilip Parmar Research Analyst HDFC Securities The weakness in the dollar a sharp surge in demand for risk assets and expectations of high dollar inflows in the coming month through FDI and FII routes well-supported the Indian rupee Parmar added Spot USDINR is expected to head towards a psychological level of 73 once the level of 7320 breaks and find resistance at 7365 he noted On the domestic equity market front the BSE Sensex ended 76504 points or 136 per cent higher at 5688976 while the broader NSE Nifty advanced 22585 points or 135 per cent to 1693105 Brent crude futures the global oil benchmark fell 022 per cent to USD 7254 per barrel Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 77875 crore as per exchange data PTI DRR MR MR
Mumbai Aug 30 PTI The rupee surged by 40 paise to close at 7329 provisional against the US dollar on Monday supported by a firm trend in domestic equities and a weak American currency At the interbank forex market the local unit opened strong at 7346 against the greenback and later gained strength to settle at 7329 higher by 40 paise over its previous close of 7369 The local unit moved in a range of 7321 to 7354 in the day trade The rupee logged the third straight session of gain on Monday In the three trading sessions the local unit appreciated by 95 paise against the US dollar Meanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies was trading unchanged at 9268 The Indian rupee continued Fridays upward momentum and became the second-best performing currency among Asian basket said Dilip Parmar Research Analyst HDFC Securities The weakness in the dollar a sharp surge in demand for risk assets and expectations of high dollar inflows in the coming month through FDI and FII routes well-supported the Indian rupee Parmar added Spot USDINR is expected to head towards a psychological level of 73 once the level of 7320 breaks and find resistance at 7365 he noted On the domestic equity market front the BSE Sensex ended 76504 points or 136 per cent higher at 5688976 while the broader NSE Nifty advanced 22585 points or 135 per cent to 1693105 Brent crude futures the global oil benchmark fell 022 per cent to USD 7254 per barrel Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 77875 crore as per exchange data PTI DRR MR MR
