Forex

Rupee ends 16 paise higher at 73.35 against dollar

PTI Mumbai | Updated on May 10, 2021

It raises for the third straight session on the back of buoyant domestic equities and weak American currency.

The rupee rose by 16 paise to close at 73.35 (provisional) against the US dollar on Monday, marking its third straight session of gains on the back of positive domestic equities and weak American currency.

At the interbank forex market, the rupee opened at 73.34 and hit an intra-day high of 73.33 and a low of 73.48.

The local unit finally settled at 73.35, registering a gain of 16 paise over its previous close. On Friday, the rupee had settled at 73.51 against the American currency.

The rupee has strengthened by 56 paise in the three sessions to Monday.

"The Indian rupee appreciated amid weakness in dollar and rise in risk appetite in the global markets. Markets sentiments improved on speculation that US Federal Reserve will maintain its ultra-low interest rates for quite some time," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

However, sharp gains were prevented by a surge in crude oil prices and FII outflows.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,142.75 crore, as per exchange data.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 90.15

Published on May 10, 2021

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