Rupee Gives Up Day’s Gain To Settle At 75.47 Against Dollar

Rupee Vs Dollar: The rupee is down 5.76% against the dollar so far this year

Rupee Vs Dollar Today: The rupee ended a volatile session on Wednesday weaker at 75.47 against the US dollar amid a mixed trend in Asian currencies. The currency swung between gains and losses in a range of 75.01-75.53 in the four-hour session, having started the day stronger at 75.03 compared to its previous close of 75.35. However, it failed to sustained intraday gains despite weakness in the greenback overseas, and shut shop down 0.16 per cent (by 12 paise) at 75.47 against hte US currency.

Domestic stock markets were set to close higher for the sixth day in a row, propelled by gains in most sectors led by banking and financial services stocks. The NSE Nifty 50 index crossed the 10,000 mark for the first time since March.

Crude oil price rose on Wednesday, topping the $40 per barrel mark for the first time since March, supported by lower US inventories, expectations top producers keep oil output cuts in place and signs of demand recovery from the coronavirus crisis.

Brent crude futures – the global benchmark for crude oil – climbed up 1.5 per cent to $40.16 per barrel, having touched $40.53 per barrel – their highest level recorded since March 6 – earlier.

The dollar index – which gauges the greenback’s performance against six currencies – fluctuated between gains and losses and was last seen trading down 0.27 per cent. 

“The current upbeat in the sentiments could act as a shield for rupee from the ongoing geopolitical unrest and global vulnerabilities. It is more likely that the pair should not breach a psychological 74.50 levels and remain within the broad range of 74.50-76.90 levels,” said Amit Pabari, managing director at forex advisory firm CR Forex.

“However, further course of the rupee can be determined after observing the market behavior and sustenance of rupee for one or two trading sessions,” he added.

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.

At the current level, the rupee is down 5.76 per cent against the greenback so far this year.

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