Rupee Strengthens For 7th Day, Rises To 75.02 Against Dollar: Here’s Why

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Rupee vs. dollar today: the rupee stood at 75.02 against the dollar

The rupee extended its gains for the seventh day in a row, rising 24 paise against the US dollar on Friday, December 24 to settle at 75.02 (tentative), as risk appetite improved in a context of mitigating fears of fallout from the Omicron coronavirus variant. In the interbank forex market, the national unit opened at 75.12 against the dollar and recorded an intraday high of 75.00. He witnessed a low of 75.20. In an initial trading session, the local unit gained 14 paise to 75.12 against the greenback.

On Thursday 23 December, the rupee climbed 28 paise to settle at 75.26 against the US dollar. Meanwhile, the dollar index, which measures the strength of the greenback against the basket of six currencies, fell 0.06% to 96.01. Ahead of the holidays and the extended long weekend in the United States, most of the major currency pairs are trading within narrow ranges, according to forex traders.

Mr. Amit Pabari, MD, CR Forex: ” Sense of risk still dominates despite a record number of COVID cases observed in the UK, Europe is grappling with a tighter lockdown and now China has ordered a lockdown in Xi’an, a city of 13 million people in central China.

Following improving sentiment, oil prices are also trading at the highest levels since the WHO announced the new Omicron variant last month. In the bond market, India’s 10-year yield is hovering near March 2020 highs and the market is taking into account the hawkish turn of the RBI. Overall, the coming period will surely result in higher volatility in the pair. We would expect a short-term range for the USDINR between 74.50 and 76.00. ”

On the national stock market front, the BSE Sensex finished down 190.97 points or 0.33% to 57,124.31, while the broad NSE Nifty index lost 68.85 points or 0 , 4% at 17,003.75.

Foreign institutional investors remained net sellers in the capital market on Thursday, according to the exchange data, as they got rid of shares worth Rs 271.59 crore. Futures on Brent crude, the world’s benchmark for oil, fell 1.16% to $ 75.96 per barrel.

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