Rupee gains 12 paise on weak dollar, forex inflows

PTI Mumbai | Updated on August 18, 2020

The rupee settled 12 paise higher at 74.76 against the US dollar on Tuesday as heavy buying in domestic equities and weak American currency strengthened investor sentiments.

At the interbank forex market, the domestic unit traded in a narrow range. It opened at 74.78 and ended the day at 74.76, registering a gain of 12 paise over its previous close of 74.88 against the greenback.

During the session, the local unit witnessed an intra-day high of 74.73 and a low of 74.89 against the US dollar.

Forex traders said positive trend in equity markets, weak American currency and sustained foreign fund inflows supported the rupee, while concerns over rising Covid-19 cases weighed on investor sentiment.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.28 per cent to 92.59.

On the domestic equity market front, the 30-share BSE benchmark Sensex rose 477.54 points or 1.26 per cent to end at 38,528.32 while the broader NSE Nifty surged 138.25 points or 1.23 per cent to end at 11,385.35.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹1,134.57 crore on Tuesday, according to exchange data.

Published on August 18, 2020

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