Forex

Rupee ekes out 6 paise gain against US dollar

PTI Mumbai | Updated on January 06, 2021

The Indian rupee registered 6 paise gains to close at 73.11 against the US dollar on Wednesday, in line with stronger Asian peers against the American currency.

At the interbank forex market, the domestic unit opened at 73.16 against the US dollar and witnessed an intra-day high of 73.05 and a low of 73.19.

The local unit finally settled at 73.11, registering a rise of 6 paise over its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 89.30.

"The Indian rupee appreciated against the dollar as regional currencies strengthened against the dollar on increasing probability that the Democratic Party will take control of the US Senate," said Sriram Iyer, Senior Research Analyst at Reliance Securities.

The dollar index continued to struggle this Wednesday amid the possibility of a Democratic win in the crucial US Senate run-off election in Georgia and lent support.

Meanwhile, the Federal Reserve will also release the minutes from its December policy meeting later in the day.

Markets will also look to the private non-farm payroll numbers, a precursor to the jobs data on Friday and factory data due tonight, Iyer noted.

 

 

Published on January 06, 2021

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