Rupee Edges Higher To Close At 73.29 Against Dollar

At the current level, the rupee has recovered 4.71% from an all-time low registered in April

Rupee Vs Dollar: The rupee edged higher to settle at 73.29 against the US dollar on Thursday, amid gains across Asian currencies and a last-hour recovery in domestic equity markets. It moved in a range of 18 paise against the greenback, between 73.28 and 73.46, having begun the day nearly unchanged at 73.35 from its previous close of 73.34. The rupee finished the session with a gain of five paise against the US currency.

An afternoon recovery in domestic stock markets helped equity benchmarks S&P BSE Sensex and NSE Nifty 50 extend a rally for the tenth straight session. The Nifty closed 0.31 per cent higher at 11,971.05 and the Sensex up 0.42 per cent at 40,794.74. 

The dollar index – which measures the greenback against six other currencies – was last seen trading 0.06 per cent.

Crude oil prices edged higher after data showed US crude stockpiles fell last week, as the Organization of the Petroleum Exporting Countries (OPEC) and its allies were seen fully complying in September with their pact to curb output.

Brent crude futures – the global benchmark for crude oil – were last seen trading 0.09 per cent higher at $42.49 per barrel.

“The market sentiments have been is still travelling with the notion that a new US stimulus is coming, but the delay is hinting that it may be roll out after US election. Also, the halt in covid-19 vaccine trials calibrates that the race for a vaccine is bumpy and we cannot hope for a quick global economic recovery,” said Rahul Gupta, head of research-currency at Emkay Global Financial Services.  

“The USD-INR spot is trading sideways in between 73 and 73.60 and we may see it to continue being in this range,” he added. 

At the current level, the rupee has recovered 4.71 per cent from an all-time low of 76.91, registered in April.

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