Rupee settles 7 paise higher at 76.18 on gains in domestic equities, weak dollar in overseas market
The Indian rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market
Mumbai: The Indian rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market.
This is the second consecutive day of gain for the rupee, during which it has appreciated by 28 paise.
At the interbank foreign exchange, the rupee opened at 76.33. During the session it touched an intra-day high of 76.14 and a low of 76.44.
The domestic unit finally settled at 76.18, registering a rise of 7 paise over its previous close.
On Monday, the local unit had settled at 76.25 against the US dollar.
Meanwhile, domestic stock exchanges were trading on a positive note with benchmark indices Sensex trading 330.07 points higher at 32,073.15 and Nifty up by 89.05 points at 9,371.35.
The dollar index, which gauges the greenback's strength against a basket of six currencies was trading 0.20 percent down at 99.84.
"Today is the USD/INR April contract expiry on exchange. This April contract had been trading 40p above OTC and though a lot of longs have been rolled over, the Open Interest in the April contract is still $2 bn. We may see buying at RBI fix today in OTC as positions get squared off on exchange," said Abhishek Goenka, Founder and CEO, IFA Global.
At the interbank foreign exchange market, the local currency opened at 80.27, then fell further to an all-time intra-day low of 80.95 against the American currency
At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing
The fall in the reserves for the week ended 16 September was on the account of a dip in the Foreign Currency Assets, a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI on Friday