Forex

Rupee recovers by 28 paise on weak dollar

PTI Mumbai | Updated on April 26, 2021

The domestic currency ends 4-day losing run

The rupee strengthened by 28 paise to close at 74.73 against the US dollar on Monday, ending its four-session losing run on the back of weakness in the greenback and positive domestic equities.

A fall in crude oil prices and improved risk appetite supported the local unit even as worries over surging COVID-19 cases restricted the gains.

"The Indian Rupee appreciated amid weakness in dollar and rise in risk appetite in the global markets. Markets sentiments improved as recent manufacturing and services PMI data across major countries in world showed expansion in activity signalling economic recovery from the pandemic," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

At the interbank forex market, the local unit opened at 74.81 against the greenback and witnessed an intra-day high of 74.67 and a low of 74.88.

It finally ended at 74.73 against the American currency, registering a rise of 28 paise over its previous closing.

In the four sessions to Friday, the rupee had declined by 66 paise or 0.89 per cent on worries over a record surge in coronavirus cases and subsequent lockdowns in various parts of the country.

 

Published on April 23, 2021

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