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Rupee surges 16 paise to close at 72.49 against US dollar

Date: 23-02-2021
Subject: Rupee surges 16 paise to close at 72.49 against US dollar
MUMBAI: The rupee gained 16 paise to settle at 72.49 (provisional) against the US dollar on Monday supported by sustained foreign fund inflows and expectation of improved macro-economic data. At the interbank forex market, the local unit opened at 72.58 against the greenback and witnessed an intra-day high of 72.29 and a low of 72.58.

It finally ended at 72.49 against the American currency, registering a rise of 16 paise from its previous close.

On Thursday, the rupee had settled at 72.65 against the American currency. The forex market was shut on Friday on account of Chhatrapati Shivaji Maharaj Jayanti.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.04 per cent to 90.40.

"Indian Rupee gained strength amid steady FII inflows and expectation of improved macro-economic data. India's GDP data is forecast to show that economy expanded in Q3 FY21 after 2 consecutive quarters of contraction," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

"Further, rupee advanced on hopes that massive stimulus packages from governments and easy monetary policies from central banks and progress in vaccination programs would boost economic growth. However, sharp gains were prevented on surge in crude oil prices and plunge in domestic markets," Mukadam added.

The rupee may trade in the range of 72.00 to 72.90 in next couple of sessions, he noted.

On the domestic equity market front, the BSE Sensex ended 1,145.44 points or 2.25 per cent lower at 49,744.32, while the broader NSE Nifty fell 306.05 points or 2.04 per cent to 14,675.70.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 118.75 crore on Friday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.57 per cent to $63.27 per barrel.


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