Forex

Rupee logs first gain in five days, rises 6 paise vs dollar

PTI Mumbai | Updated on March 05, 2020

The rupee snapped its four-session losing run on Thursday to close 6 paise higher at 73.33 against the US dollar amid hopes that efforts by countries and global agencies would offset financial damage from the coronavirus outbreak. Besides, easing crude oil prices and weakness in the dollar vis-a-vis other key global currencies also helped the rupee build resistance.

At the forex exchange, the domestic unit opened on a positive note, but soon gripped by an intense volatility. During the session, the rupee swung between a high of 73.04 and a low of 73.56 against the American unit.

It finally settled at 73.33, showing a rise of 6 paise over its previous close. Brent Futures dropped 1.16 per cent to $50.91 per barrel. The dollar index was down 0.27 per cent to 97.07.

“The rupee opened weak near 73.40 and saw weakness towards 73.55, but witnessed strength there after strongly towards 73.05 zone.

“The strength was witnessed due to overseas investors increasing their holding in Indian stocks at some point,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.

 

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Published on March 05, 2020
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