Rupee settles 4 paise higher at 73.02 against U.S. dollar

The Indian rupee settled with a marginal gain of 4 paise at 73.02 (provisional) against the U.S. dollar on Friday, even as the domestic equities continued their record-setting spree.

At the interbank forex market, the local unit opened at 73.05 against the greenback and witnessed an intra-day high of 73.01 and a low of 73.15.

It finally ended at 73.02 against the American currency, registering a gain of just 4 paise over its previous close.

On Thursday, the rupee had settled at 73.06 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.01 % to 92.23.

"Forex markets trading activities were quiet since last two days as investors looked with some uneasiness ahead today’s US labour market report and long weekend as U.S. market will remain closed on Monday on account of Labour Day," said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said that markets followed the path of resistance with higher equities and lower dollar. The rupee marked the second weekly gains on back of stronger inflows and higher equities.

On a weekly basis, the local currency has appreciated by 67 paise against the U.S. dollar.

On the domestic equity market front, the BSE Sensex ended 277.41 points or 0.48 % higher at a lifetime high of 58,129.95, while the broader NSE Nifty advanced 89.45 points or 0.52 % to close at record 17,323.60.

Brent crude futures, the global oil benchmark, rose 0.53 % to $ 73.82 per barrel.

Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth ₹ 348.52 crore, as per exchange data.

Source: Read Full Article