Markets

Rupee pares losses to settle marginally higher at 72.97 against USD

Photo for representation   | Photo Credit: Reuters

The rupee clawed back lost ground towards the fag-end of the session and settled with a marginal 2 paise gain at 72.97 against the US dollar on Friday, supported by easing crude oil prices.

At the interbank foreign exchange market, the domestic unit opened lower and traded in the negative territory most part of the session, tracking a massive selloff in domestic equities. The rupee touched a low of 73.09 and a high of 72.96 during the day.

The domestic unit finally ended 2 paise higher at 72.97 against the U.S. Dollar, marking its fourth straight session of gains.

On Thursday, the rupee had settled at 72.99 against the American currency.

Over the last four sessions, the Indian currency has strengthened by 31 paise against the US dollar.

Brent crude futures, the global oil benchmark, dropped 1.99% to USD 55.05 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, inched up 0.05% to 90.17.

On the domestic equity market front, the BSE Sensex tumbled 746.22 points or 1.50% to end at 48,878.54; while the NSE Nifty fell 218.45 points or 1.5% to 14,371.90.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹1,614.66 crore on Thursday, according to exchange data.

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Printable version | Mar 6, 2021 6:53:34 AM | https://www.thehindu.com/business/markets/rupee-pares-losses-to-settle-marginally-higher-at-7297-against-usd/article33635065.ece

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