Rupee extends gains for 2nd consecutive day; closes up by 7 paise at 74.66 Vs USD
Rupee extends gains for 2nd consecutive day; closes up by 7 paise at 74.66 Vs USD

The Indian rupee appreciated by 7 paise to provisionally settle at 74.66  against the US dollar on Tuesday led by positive domestic equities. At the interbank forex market, the Indian unit opened at 74.65 against the greenback and witnessed an intra-day high of 74.51 and a low of 74.73.

It finally ended at 74.66 against the American currency, registering a rise of 7 paise over its previous closing. On Monday, the rupee had settled at 74.73 against the American currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.20 percent to 90.98. Meanwhile, Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,111.89 crore on Monday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.34 percent to USD 65.87 per barrel. Crude oil prices traded up on short recovery, however, the upside was capped on growing demand worries from India over rising virus cases. The partial lockdown measures in India and stare of emergency in Japan has raised concerns over fuel demand recovery from top oil consumers. We expect crude oil prices to trade sideways to up for the day.

On the domestic equity market front, the BSE Sensex ended 557.63 points or 1.15 percent higher at 48,944.14, while the broader NSE Nifty advanced 168.05 points or 1.16 percent to 14,653.05.

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