Advertisement
Sunday, Sep 25, 2022
Outlook.com
Outlook.com

Rupee Surges 16 Paise To Close At 72.49 Against US Dollar

At the interbank forex market, the local unit opened at 72.58 against the greenback and witnessed an intra-day high of 72.29 and a low of 72.58.

Rupee Surges 16 Paise To Close At 72.49 Against US Dollar
Representational Image
Rupee Surges 16 Paise To Close At 72.49 Against US Dollar
outlookindia.com
2021-02-22T17:44:55+05:30

The rupee gained 16 paise to settle at 72.49 (provisional) against the US dollar on Monday supported by sustained foreign fund inflows and expectation of improved macro-economic data.

At the interbank forex market, the local unit opened at 72.58 against the greenback and witnessed an intra-day high of 72.29 and a low of 72.58.

It finally ended at 72.49 against the American currency, registering a rise of 16 paise from its previous close.

On Thursday, the rupee had settled at 72.65 against the American currency. The forex market was shut on Friday on account of Chhatrapati Shivaji Maharaj Jayanti.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.04 per cent to 90.40.

"Indian Rupee gained strength amid steady FII inflows and expectation of improved macro-economic data. India’s GDP data is forecast to show that economy expanded in Q3 FY21 after 2 consecutive quarters of contraction," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

"Further, rupee advanced on hopes that massive stimulus packages from governments and easy monetary policies from central banks and progress in vaccination programs would boost economic growth. However, sharp gains were prevented on surge in crude oil prices and plunge in domestic markets," Mukadam added.

The rupee may trade in the range of 72.00 to 72.90 in next couple of sessions, he noted.

On the domestic equity market front, the BSE Sensex ended 1,145.44 points or 2.25 per cent lower at 49,744.32, while the broader NSE Nifty fell 306.05 points or 2.04 per cent to 14,675.70.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 118.75 crore on Friday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.57 per cent to USD 63.27 per barrel.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement