Rupee Edges Lower To Close At 75.76 Against Dollar

Rupee vs Dollar: The rupee is down 6.17% against the dollar so far this year

Rupee Vs Dollar Today: The rupee ended marginally lower at 75.76 against the US dollar on Thursday amid weakness in Asian currencies, as the country entered a third month of a nationwide lockdown to curb the spread of the coronavirus (COVID-19) pandemic. After starting the four-hour session at the weakest level of the day at 75.90, the rupee briefly turned positive to touch 75.68 before giving in to losses in volatile trade. The rupee shut shop for the day down 5 paise against the greenback. At the current level, it is down 6.17 per cent against the dollar so far this year.

Domestic equity market benchmark indices S&P BSE Sensex and NSE Nifty 50 jumped nearly 2 per cent on Thursday, a day after surging more than 3 per cent in their best single-day gain so far this month.

The Sensex jumped as much as 597.13 points to touch 32,202.35, whereas the Nifty climbed to as high as 9,490.55 compared to its previous close of 9,314.95.

“Asian currencies are trading weak against the US dollar… The People’s Bank of China (PBoC) fixed the yuan reference rate stronger than expected and this has reduced the pressure on Asian currencies to some extent,” said Abhishek Goenka, founder and CEO of forex advisory firm IFA Global.

Mr Goenka said he expects the rupee to move rangebound between 75.60 and 76.00 against the US currency in the near term.

Crude oil prices tumbled on Thursday after US industry data showed a surprise steep build in inventories, dampening hopes of a smooth recovery in demand as some countries begin to ease their way out of coronavirus lockdowns. Brent crude futures – the global benchmark for crude oil – were last seen trading down 2 per cent at $34.03 per barrel, after dropping to as low as $33.63 per barrel.

The dollar index – which gauges the greenback against six currencies – was last seen trading flat, having fluctuated between gains and losses earlier.

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