Rupee Edges Higher To 74.50 Amid Weakness In Dollar

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Rupee Edges Higher To 74.50 Amid Weakness In Dollar

Rupee Vs Dollar: The rupee moved in a range of 75.59-75.73 against the dollar during the session

Rupee Vs Dollar Today: The rupee gained by 14 paise to touch the 74.50 mark against the dollar on Monday amid a mixed trend in Asian currencies. The rupee moved in a range of 74.50-74.68 against the greenback in the first half of the four-hour session, having started the day stronger at 74.50 compared to its previous close of 74.64. It was last seen trading up 0.08 per cent at 74.57 against the US currency in mid-morning deals.

Analysts say weakness in the dollar overseas and sharp gains in domestic equity markets supported the rupee. 

Equity benchmarks Sensex and Nifty rose more than 1 per cent to four-month highs, propelled by gains in HDFC Bank after the country’s largest private sector lender reported strong loan growth despite the COVID-19 crisis, while hopes of more stimulus to sustain a global economic recovery lifted sentiment.

Crude oil prices registered mild gains  supported by tighter supplies. Brent crude futures – the global benchmark for crude oil – were last seen trading 0.40 per cent higher at $42.98 per barrel, following a 4.30 per cent gain last week.

However concern that a spike in coronavirus cases could curb oil demand in the US kept the upside in check.

The dollar index – which measures the greenback against six other currencies – was last seen trading 0.24 per cent lower, having declined as much as 0.28 per cent earlier on Monday.  

At Friday’s close of 74.64, the rupee is down 4.60 per cent against the dollar so far this year.

Currency markets currently operate within reduced trading hours due to the coronavirus-induced lockdown. The temporary timings are from 10 am to 2 pm, instead of the normal timings of 9 am to 5 pm.

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