Rupee jumps 45 paise to close at 74.62 against U.S. dollar

In the previous session, the rupee had settled at 75.07 against the U.S. dollar

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The rupee surged 45 paise to close at 74.62 (provisional) against the U.S. dollar on January 31 supported by positive domestic equities and improved risk appetite.

At the interbank Forex market, the local unit opened strong at 74.97 against the greenback and witnessed an intra-day high of 74.60 and a low of 75.05. It finally settled at 74.62, a rise of 45 paise over its previous close.

In the previous session, the rupee had settled at 75.07 against the U.S. dollar.

Meanwhile, Finance Minister Nirmala Sitharaman on January 31 presented the Economic Survey 2021-22.

As per the pre-Budget Economic Survey, India’s economy is expected to grow by 8-8.5% in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.

This is the second straight session of gain for the local unit, during which it has added 47 paise against the American currency.

On the domestic equity market front, the BSE Sensex ended 813.94 points or 1.42% higher at 58,014.17, while the broader NSE Nifty jumped 237.90 points or 1.39% to 17,339.85.

Meanwhile, the dollar index, which measures the greenback’s strength against the basket of six currencies, fell 0.27% to 97.00.

Brent crude futures, the global oil benchmark, was trading 0.87% higher at $90.81 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth ₹5,045.34 crore, as per stock exchange data.