Rupee Edges Higher To 74.50 Amid Weakness In Dollar

Rupee Vs Dollar Today: The rupee gained by 14 paise to the touch the 74.50 mark towards the greenback on Monday amid a blended pattern in Asian currencies. The rupee moved in a spread of 74.50-74.68 towards the buck within the first half of the four-hour session, having began the day stronger at 74.50 in comparison with its earlier shut of 74.64. It was final seen buying and selling up 0.08 per cent at 74.57 towards the US foreign money in mid-morning offers.

Analysts say weak spot within the greenback abroad and sharp positive aspects in home fairness markets supported the rupee. 

Equity benchmarks Sensex and Nifty rose greater than 1 per cent to four-month highs, propelled by positive aspects in HDFC Bank after the nation’s largest non-public sector lender reported sturdy mortgage progress regardless of the COVID-19 disaster, whereas hopes of extra stimulus to maintain a worldwide financial restoration lifted sentiment.

Crude oil costs registered delicate positive aspects  supported by tighter provides. Brent crude futures – the worldwide benchmark for crude oil – had been final seen buying and selling 0.40 per cent larger at $42.98 per barrel, following a 4.30 per cent acquire final week.

However concern {that a} spike in coronavirus circumstances might curb oil demand within the US stored the upside in verify.

The greenback index – which measures the buck towards six different currencies – was final seen buying and selling 0.24 per cent decrease, having declined as a lot as 0.28 per cent earlier on Monday.  

At Friday’s shut of 74.64, the rupee is down 4.60 per cent towards the greenback to this point this yr.

Currency markets at present function inside diminished buying and selling hours because of the coronavirus-induced lockdown. The non permanent timings are from 10 am to 2 pm, as a substitute of the conventional timings of 9 am to five pm.