Business

Rupee Gains 21 Paise Against US Dollar

HARSH RANJAN | 0
4547
| January 17 , 2019 , 20:03 IST

The rupee appreciated by 21 paise to 71.03 against the US dollar on Thursday over increased selling of the greenback by exporters and lower crude oil prices.

According to reports the rupee on Wednesday plunged by 19 paise to close at 71.24 against the US dollar. At the forex, the rupee opened stronger at 71.15 a dollar against the previous close of 70.24.

The local unit moved in a range of 70.92 to 71.40, before finally ending at 71.03, showing a gain of 21 paise.

V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities said "Indian rupee has broken the four days losing streak, after liquidity infusion by central banks through the open market operation. Central bank eased overseas borrowing rules for companies, which also helped rupee to recover from the lower levels."

Speaking to media Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management said, "The Brent crude rally halted today on the face of strongly rising crude oil production coming out of the US. The news on Brent reflected in the INR movement which rose after depreciating for four straight days. The rupee was among the top five best performing EM currencies today."

ALSO READ: Rupee Gains 9 Paise Against US Dollar In Early Trade

Foreign funds pulled out Rs. 90.10 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs. 304.27 crore on Wednesday, provisional data showed.    

The benchmark BSE Sensex was trading with gains of 79.29 points, or 0.22 per cent at 36,400.58 while the NSE Nifty was trading at 10,913.95, up 23.65 points, or 0.22 per cent.