Rupee gains 6 paise to close at 74.28 against the US dollar



The rupee rose 6 paise to close at 74.28 (provisionally) against the US dollar on Tuesday amid a strong trend in domestic stocks and a weak US currency.

The rupee has moved within a narrow range ahead of the Reserve Bank of India (RBI) policy decision and US nonfarm wage data, traders said.

In the interbank forex market, the local unit opened at 74.36 against the greenback and saw an intraday high of 74.21 and a low of 74.36.

It ultimately finished at 74.28 against the US dollar, posting a 6 paise rise from its previous close. On Monday, the rupee stood at 74.34 against the US dollar.

The rupee continued to rally today, albeit calmly against domestic stocks which have reached a lifetime high. Foreign currency markets also remained lackluster, with G10 currencies trading in a narrow range on thin volumes, ”said Dilip Parmar, research analyst, HDFC Titles.

Going forward, the focus will remain on the RBI’s monetary policy. Primary market entries will remain robust and the rupee is expected to trade with a positive bias in the near term, Parmar added.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.07% to 91.98.

On the national stock market front, the BSE Sensex finished up 872.73 points or 1.65% at 53,823.36, while the broader NSE Nifty index rose 245.60 points or 1 , 55% at 16,130.75.

Futures on Brent crude, the world’s benchmark for oil, rose 0.80% to $ 73.47 per barrel.

Meanwhile, foreign institutional investors were net sellers in the capital market on Monday as they dumped shares worth Rs 1,539.88 crore, exchange data showed.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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