The rupee has recovered 2.80% from an all-time low of 76.91 registered in April
Rupee Vs Dollar Rate Today: The rupee gained by eight paise – or 0.11 per cent – to touch the 74.68 mark against the US dollar on Wednesday, amid a mixed trend in other Asian currencies. It traded within a range of 74.68-74.74 against the US currency, having started the day mildly higher at 74.69 against the compared to its previous close of 74.76 against the greenback. Gains in domestic equities supported the rupee, however strength in the dollar overseas limited the upside, say analysts.
It was last seen trading at 74.68 against the dollar in the first half of the four-hour session. Currently, trading in the domestic forex market takes place from 10 am to 2 pm on account of the coronavirus pandemic.
Domestic equity markets rose amid a jump in Asian shares, as state-owned banks advanced the most and Reliance Industries gained after taking a majority stake in licensed e-pharma portal Netmeds.
The S&P BSE Sensex index gained as much as 0.68 per cent to 38,788.51, and the broader NSE Nifty 50 benchmark climbed to as high as 11,460.35, up 0.66 per cent from its previous close, up for a third session in a row.
While the Japanese yen was last seen trading 0.13 per cent lower against the US dollar and the Singaporean dollar down 0.03 per cent, the Chinese yuan was flat and the South Korean won up 0.15 per cent.
The dollar index – which gauges the dollar against six currencies – rose as much as 0.09 per cent on Wednesday.
Crude oil prices eased on Wednesday on concerns that US fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package.
As investors kept an eye on a key meeting of ministers from producer countries later in the day, Brent crude futures – the global benchmark – was last seen trading 0.7 per cent lower at $45.13 per barrel.
At Tuesday’s close, the rupee has recovered 2.80 per cent against the dollar since an all-time low of 76.91 registered in April, but is still down 4.76 per cent so far this year.
