WN Magazine

Rupee rallies 53 paise to close at 73.69 against US dollar

The rupee increased 53 countries to close at 73.69 (provisional) against the US dollar on Friday, supported by a firm trend in national actions before the key discourse of the Chair of the Federal Reserve of the United States, Jerome Powell.

In the Forex Interbank market, the local unit opened strong at 74.17 against Greenback, then won strength and was established for the day at 73.69, higher by 53 countries on its previous closure of 74.22.

The local unit moved in a range of 73.69 to 74.20 in the day trade.

“The Indian Rupee scored a larger day’s profit after April 16, 2021 at the back of the restructure of the weekend rebalancing and foreign funds entries before the Jackson Hole Symposium later tonight”, said Dilip Parmar, research analyst, HDFC values.

The global Forex market remained calm before the event, while the national market took this as opportunities and has given Range Breakout, Parmar said it added that “the bias for the rupee has become the bullish action after the Action of today’s prices “.

Meanwhile, the dollar index, which rated the force of the dollar against a basket of six coins, plunged 0.04 percent to 93.02.

In the front of the national capital market, the BSE Sensex ended 175.62 points or 0.31 percent higher at 56,124.72, while the wider NIFTY advanced 68.30 points or 0.41 percent to 16,705.20.

Brent crude futures, the benchmark for global oil, rose 1.32 percent to USD 72.01 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday, since it discharged actions worth RS 1,974.48 Crore, according to exchange data.

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