At 74.42, Rupee Rises To Settle At 1-Month High Against US Dollar On Year-End Selling
The rupee on Thursday, December 30, closed 29 paise higher at a one-month high of 74.42 against the US dollar after selling of the dollar by banks and exporters amid sluggish domestic equities.
In the interbank foreign exchange market, the domestic unit opened at 74.56 against the dollar and recorded an intra-day high of 74.38. It saw a low of 74.65. The local unit rose 15 paise to 74.56 against the dollar in the opening trading session.
The domestic unit closed at 74.42 – a level not seen since November 24. According to analysts, lower commodity prices and gains in Asian peers also supported the rupee’s sentiments.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 96.18.
The dollar rose against major rival currencies in holiday-thin trading as investors Omicron remained cautiously optimistic about the economic consequences of a rise in coronavirus cases.
On the domestic equity market front, the BSE Sensex ended 12.17 points or 0.02 per cent lower at 57,794.32, while the broader NSE Nifty ended 9.65 points or 0.06 per cent lower at 17,203.95.
Global oil benchmark Brent crude futures fell 0.68 per cent to $78.69 per barrel.
Foreign institutional investors were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 975.23 crore, according to exchange data.