Rupee Closes At 1-Month High Of 73.14 Against Dollar

Rupee Vs Dollar: The rupee is down 2.34% against the dollar so far this year

Rupee Vs Dollar: The rupee appreciated by 63 paise – or 0.85 per cent – to end at 73.14 against the US dollar on Thursday, a day after the government allowed states to reopen movie theatres at 50 per cent capacity. It moved in a range of 56 paise, between 73.05 and 73.61, during the four-hour session, before registering its highest close since September 2. Weakness in the dollar overseas and sharp gains in domestic equity markets amid optimism about a recovery from the damage caused by COVID-19-related restrictions supported the rupee, according to analysts.

Domestic share markets moved more than 1 per cent higher on Thursday. The S&P BSE Sensex index jumped 635.78 points – or 1.67 per cent – to touch 38,703.71 at the strongest level of the day, and the broader NSE Nifty 50 benchmark climbed to as high as 11,423.50, up 175.95 points – or 1.56 per cent – from its previous close.

The Centre also said schools and educational institutions could restart in a phased manner. The Maharashtra government said it would reopen bars and restaurants in the state.

The country’s current account surplus rose to a record $19.8 billion in April-June as its trade deficit narrowed sharply, Reserve Bank of India data showed on Wednesday. That followed its first surplus in 13 years, registered in the previous quarter.

Most Asian currencies strengthened against the US dollar. While the Japanese yen was last seen trading down 0.09 per cent, following a halt in the Tokyo Stock Exchange due to a hardware breakdown, the Chinese yuan was up 0.37 per cent. 

The dollar index – which measures the greenback against six currencies – was down 0.03 per cent, having declined as much as 0.29 per cent earlier on Thursday.

Analysts say the rupee has remained relatively stable compared to Asian peers in the past week.

“Reliance Retail inflows and the RBI’s absence from buying led to this steep appreciation in last half hour of trading,” said Amit Pabari, managing director at forex advisory firm CR Forex.

At the current price, the rupee is down 2.34 per cent against the dollar so far this year, though it has recovered 5.02 per cent from an all-time low registered in April. 


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