Indian Rupee Surges 17 Paise To 76.03 Against US Dollar

Indian Rupee Surges 17 Paise To 76.03 Against US Dollar
Indian Rupee Surges 17 Paise To 76.03 Against US Dollar

On Monday, the Indian rupee closed at 76.03, down 17 paise against the US dollar along with positive equity markets amid foreign exchange inflows.

Forex dealers said the rupee has also moved in a weakening US dollar against major global currencies.

In the interbank foreign exchange market, the rupee opened at 76.16 and it was touching a high rate of 75.98 during trading.

The domestic currency closed at 76.03 against the US dollar, registering an increase of 17 paise over the previous close of 76.20.

On the equity front, the 30-share BSE benchmark Sensex rose 442.58 points to 35,174.31 and the Nifty closed up 123.10 points to trade at 10,367.50.

As per provisional exchange data, foreign institutional investors were net buyers in the capital market as they had bought equity shares worth Rs 1,237 crore in the previous trading session.

The dollar index, which estimates the strength of the greenback against a basket of six currencies, fell 0.31 percent to 97.31.

Global oil benchmark Brent crude futures rose 0.21 percent to US $ 42.28 per barrel.

A larger reserve buffer changes the structural dynamics in the rupee and gives RBI more power to influence the rupee’s price action. Is. It is relative valuation and volatility. So decide. We expect the Reserve Bank of India to continue to absorb inflows, accumulate reserves, and strengthen its balance sheet. Jio and by foreign investors at the end of the month Inflation related to strategic investment may rise to USD-INR this week. The reserve bank by the central bank should negatively limit reserves, said Abhishek Goenka, founder and CEO of IFA Global.



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