Rupee makes U-turn, logs steep 52 paise gains against US dollar

PTI Mumbai | Updated on August 24, 2020

Making a sharp U-turn, the rupee soared 52 paise to settle at 74.32 (provisional) against the US dollar on Monday, in line with upbeat domestic equities and sustained foreign fund inflows.

Besides, the weaker American dollar against key global currencies also supported the Indian unit.

At the interbank forex market, the rupee opened lower at 74.91 against the US dollar but regained strength as the session progressed. It oscillated between a high of 74.31 and low of 74.91 during the day.

It finally closed at 74.32, gaining 52 paise over its previous close against the American unit.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.15 per cent at 93.11.

Exchange data showed that overseas investors bought Rs 410.16 crore shares on a net basis on Friday.

Published on August 24, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like