Forex

Rupee rises 28 paise to 75.44 against US dollar

PTI Mumbai | Updated on May 08, 2020 Published on May 08, 2020

The rupee appreciated 28 paise to 75.44 against the US dollar in early trade on Friday tracking positive opening of domestic equities and weakness in the American currency.

Forex traders said a positive start of domestic stocks and significant foreign fund inflows supported the local unit.

At the interbank foreign exchange, the rupee opened at 75.36, then gained ground to touch 75.27, before being quoted at 75.44, registering a rise of 28 paise over its previous close.

On Wednesday, the rupee had settled at 75.72 against the US dollar.

Forex market was closed on Thursday on account of Buddha Purnima.

Domestic bourses were trading on a positive note on Friday with the benchmark Sensex up 456.86 points at 31,900.24 and broader Nifty rising 139.70 points to 9,338.75.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 19,056.49 crore on Thursday, according to provisional exchange data.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.16 per cent down at 99.73.

However, traders said investor sentiment remains fragile amid concerns over the impact of COVID-19 pandemic on the domestic as well as global economy.

Meanwhile, Brent crude futures, the global oil benchmark, rose 1.36 per cent to USD 29.86 per barrel.

Published on May 08, 2020

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