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Rupee Clocks First Gain in Four Days, Ends 4 Paise Higher to US Dollar

Representative image.

Representative image.

Ending its three-day downtrend, the rupee ended at 73.54, a gain of 4 paise over its previous close. Forex dealers said that a strong dollar against major currencies overseas restricted the rupee's gain to some extent.

Mumbai: The rupee snapped its three-session losing streak, edging 4 paise higher at 73.54 against the US dollar on Thursday, aided by dollar selling by exporters. Starting off the session at almost the day's lowest level of 73.77, the domestic currency clawed back its lost territory as trade progressed. Intra-day, it touched a high of 73.53 and low of 73.78.

Ending its three-day downtrend, the rupee ended at 73.54, a gain of 4 paise over its previous close. Forex dealers said that a strong dollar against major currencies overseas restricted the rupee's gain to some extent.

The dollar index, which gauges the greenback's strength against a basket of six currencies, surged 0.13 per cent to 92.73. "The rupee appreciated for the first time in four sessions against the greenback, as the dollar selling by exporters and speculators outweighed the impact of weak risk appetite in the region, Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

The dollar index advanced amid the risk-off tone and Asian currencies weakened and kept gains limited for the domestic unit, he added. Meanwhile, Brent crude futures, the global oil benchmark, fell 0.46 per cent to USD 41.92 per barrel.

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On the domestic equity market front, the BSE benchmark Sensex settled 148.82 points lower at 40,558.49; and the NSE Nifty closed 41.20 points down at 11,896.45.

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first published:October 22, 2020, 19:57 IST