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Rupee Rose 4 Paise To Close At 74.88 Against Dollar On Thursday. Here's Why

The local currency opened at 74.78 against the dollar at the interbank foreign exchange market on Friday. It rose to an intra-day high of 74.74 and fell to an intra-day low of 74.98 against the dollar during trade on Friday.

Rupee Rose 4 Paise To Close At 74.88 Against Dollar On Thursday. Here's Why
Rupee Rose 4 Paise To Close At 74.88 Against Dollar On Thursday. Here's Why
outlookindia.com
2021-10-29T17:04:41+05:30

Rupee rose 4 paise to close the day at 74.88 against the dollar on Friday backed by IPO-related inflows and some retreat in crude oil prices as domestic equities continued to remain volatile. 

The local currency opened at 74.78 against the dollar at the interbank foreign exchange market on Friday. It rose to an intra-day high of 74.74 and fell to an intra-day low of 74.98 against the dollar during trade on Friday. It eventually settled at 74.88 against the dollar. Rupee had closed at 74.92 against the dollar on Thursday. 

Brent crude futures rose 0.21 per cent to $84.50/barrel.

The dollar index advanced 0.22 per cent to 93.55

Analysts informed PTI that with multiple IPOs scheduled in the coming weeks, the dollar supply could continue its positive run. However, weakness in domestic equities could limit the price action within range. Markets would be closed from November 4 to November 7 on account of Diwali and the ensuing weekend. 

BSE Sensex fell 677.77 points or 1.13 per cent to close the day at 59,306.93 points. NSE Nifty fell 185.60 points or 1.04 per cent to close at 17,671.65 on Friday. 

(With inputs from PTI)

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