Rupee pares early losses, settles 6 paise higher at 74.40/USD

July 23, 2021 04:09 pm | Updated 04:09 pm IST - Mumbai

Image for representative purposes only.

Image for representative purposes only.

The Indian rupee pared early losses to close 6 paise higher at 74.40 against the U.S. dollar on Friday following gains in the domestic equities.

At the interbank forex market, the domestic currency witnessed heavy volatility. The local unit opened weak at 74.55 a dollar and touched a low of 74.58 in morning trade.

The local unit recovered later and touched a high of 74.37 during the day. It finally closed at 74.40 against the American currency, registering a rise of 6 paise over its previous close. On Thursday, the rupee had settled at 74.46.

"Rupee traded positive again as the capital market keeps fund inflow on back of a flurry of IPOs and stable market condition globally. Dollar index basing also helped Rupee take support near 74.55. Going ahead, the rupee can be seen in a range of 74.25-74.60," said Jateen Trivedi, Senior Research Analyst at LKP Securities.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.10 % to 92.91.

On the domestic equity market front, the BSE Sensex ended 138.59 points or 0.26 % higher at 52,975.80, while the broader NSE Nifty was up 32 points or 0.2 % to 15,856.05.

Global oil benchmark Brent crude futures fell 0.05 % to $ 73.75 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth ₹ 247.59 crore, as per exchange data.

Top News Today


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.