Rupee Vs Dollar: The rupee is still down 4.03% against the dollar so far this year
Rupee Vs Dollar Today: The rupee appreciated by 49 paise – or 0.66 per cent – against the US dollar to end at 73.81 on Thursday, its highest close recorded since March 11. It moved between 73.80 and 74.36 during the day, having started the four-hour session nearly unchanged at 74.29 against the greenback. Weakness in the US dollar overseas and gains in domestic share markets supported the rupee, according to analysts.
At the current level, the rupee has recovered 3.43 per cent from an all-time low of 76.91 registered in April, but is still down 4.03 per cent against the US currency so far this year.
Domestic stock market benchmarks S&P BSE Sensex and NSE Nifty 50 were on course to close higher for the fifth session in a row on Thursday, amid a strong buying interest in banking and financial services shares. The Sensex rose as much as 0.65 per cent to touch 39,326.98 during the session whereas the Nifty climbed as much as 0.59 per cent to 11,617.35.
Analysts awaited official data on the country’s GDP due next week for cues.
Meanwhile, Reserve Bank of India Governor Shaktikanta Das said on Thursday that the country’s economy remains much stronger amid the coronavirus pandemic than it was during the global financial crisis over a decade ago, even if growth has slowed.
“If the RBI continues to buy dollars while conducting open market operations (OMOs), this might double up the rupee liquidity in short run, which the central bank might not be favouring considering the spike in inflation,” Amit Pabari, managing director of forex advisory firm CR Forex Advisors, told NDTV.
“With the inflows coming in and lack of RBI intervention, the rupee could pave its move near 73.00-73.50 levels in days to come,” he added.
The dollar index – which measures the dollar against six currencies – was last seen trading 0.17 per cent lower, having dropped as much as 0.23 per cent earlier on Thursday.
Currencies elsewhere in Asia largely moved higher against the US dollar (USD). While the Japanese yen and the Singaporean dollar were flat, the Chinese yuan was up 0.04 per cent, the Thai baht up 0.15 per cent, the South Korean won up 0.15 per cent and the indonesian rupiah up 0.12 per cent.
