Trending

Stories

Rupee Edges 3 Paise Higher Against US Dollar

Must Read

The rupee on Monday appreciated marginally by three paise to 75.55 (provisional) against the US dollar amid sustained foreign fund inflows and positive domestic equity market.

Forex traders said a weak dollar overseas also helped the rupee, but rising crude oil prices weighed on the domestic unit.

Also Read

The rupee opened at 75.59 against the US dollar and finally settled at 75.55, registering a rise of 3 paise over its previous close.

It had settled at 75.58 against the greenback on Friday.

During the four-hour session, the rupee saw an intra-day high of 75.50 and a low of 75.64.

On the equities front, the 30-share BSE benchmark Sensex was quoting 17.60 points higher at 34,304.84 and broader Nifty was up 20.45 points at 10,162.60.

According to provisional exchange data, foreign institutional investors were net buyers in the capital market, as they bought shares worth Rs 97.61 crore on Friday.

Brent crude futures, the global oil benchmark, rose 0.97 percent to USD 42.71 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09 percent to 96.85.

The weakness in the dollar index and stronger global equities supported the emerging market currencies. In the first week of June, traders said that foreign institutions bought equities worth USD 2.6 billion.

“Indian rupee gained on expectation of foreign fund inflows and in line with stronger Asian currencies,” Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, said, adding the near-term focus will remain on US FOMC meeting on Wednesday.

Vakil further noted that the rupee is expected to consolidate in the range of 75 to 76 in the coming days.

Meanwhile, the number of cases around the world linked to the disease has crossed 70.31 lakh and the death toll has topped 4.03 lakh.

In India, the death toll due to COVID-19 rose to 7,135 and the number of infections rose to 2,56,611, according to the health ministry.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.4665 and for rupee/euro at 85.8416. The reference rate for rupee/British pound was fixed at 95.4717 and for rupee/100 Japanese yen at 69.03.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan Samsung Galaxy A14 Launches in India with Impressive Features BGMI Returns: Battlegrounds Mobile India Now on Play Store Twitter Accuses Microsoft of Data Use Policy Violation GIFs take over Instagram comments, unleashing creative expressions!
Apple Music Classical App Now Available on Android WhatsApp’s Companion Mode: Same Account, Multiple Devices Nvidia & MediaTek Collaborate on Connected Car Tech Sony Unveils Project Q: A Next-Gen Handheld Game Console Snapchat Hits 200M+ Users in India, Introduces AI Chatbot Super Mario Bros. Movie: 6.4 Million Tickets Sold in Japan Samsung Galaxy A14 Launches in India with Impressive Features BGMI Returns: Battlegrounds Mobile India Now on Play Store