Rupee Strengthens To Touch 75.43 Mark Against Dollar

Rupee Vs Dollar: The rupee is down 5.86 per cent against the dollar so far this year

Rupee Vs Dollar Today: The rupee gained by as much as 11 paise – or 0.15 per cent – to touch the 75.43 mark against the US dollar on Tuesday despite weakness in domestic equity markets and strength in the greenback. The rupee moved in a range of 75.43-75.53 against the US currency in the first half of the four-hour session, after starting the day mildly stronger at 75.51 compared to its previous close of 75.54. It was last seen trading close to its intraday high at 75.45 against the dollar.

Domestic stock markets rose nearly 1 per cent on Tuesday led by gains in financials and pharmaceutical stocks, as the economy limped back into operation following the world’s biggest coronavirus lockdown.

At 11:41, the S&P BSE Sensex index traded 318.75 points – or 0.93 per cent – higher at 34,689.33, while the broader NSE Nifty 50 benchmark was up 91.85 points – or 0.90 per cent – at 10,259.30.    

Crude oil prices climbed as the easing of coronavirus lockdown measures across the globe lifted trader hopes for a swift recovery in demand, though gains were capped by the spectre of persistent oversupply in the market.

Brent crude futures – the global benchmark for crude oil – were last seen trading 0.3 per cent higher at $40.94 per barrel, a day after declining by $1.50 per barrel to break a seven-day rising streak..

The dollar index – which gauges the greenback’s performance against six currencies – rose as much as 0.13 per cent, and was last seen trading up 0.06 per cent.

Analysts say the rupee is expected to continue to move in a narrow range in the near term.

“The rupee is expected to move in a range of 75.35-75.70 as moves across currencies are expected to be subdued ahead of the Federal Reserve policy decision tomorrow… The rupee has been trading in a 75-76 range for 25 sessions now,” said Abhishek Goenka, founder and CEO of forex advisory firm IFA Global.

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 Monday’s closing level of 75.54, the rupee is down 5.86 per cent against the dollar so far this year.

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