Forex

Rupee gains 16 paise to 73.31 against dollar

PTI Mumbai | Updated on September 04, 2020 Published on September 04, 2020

The rupee witnessed high volatility in opening session on Friday amid heavy selling in domestic equities and later rebounded against the American currency.

At the interbank forex market, the domestic unit opened on a strong note at 73.38 against the US dollar, then gained further to quote at 73.35.

The local unit, however, pared the initial gains to 73.46, but later rebounded from its lows.

At 12.15 pm, the rupee was quoted at 73.31 versus the dollar.

On Thursday, the rupee slumped 44 paise to close at 73.47 against the US dollar as rise in demand for the American currency from oil importers weighed on currency market sentiment.

Forex traders said heavy selling in domestic equity markets and a rebound in American currency could weigh on the rupee.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.04 per cent to 92.77.

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Published on September 04, 2020
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