Stocks News

Indian Rupee up by 65 Paise to settle at 72.72 against the American Currency

On Wednesday, the rupee surged by 65 paise to close at 72.72 against the US dollar pertaining to weakness in the American dollar.

Rupee traded strong again on the back of aggressive fund inflows in Indian markets with Vaccination roll-outs.

The Indian market is on a rising streak as the focus is on stronger economic recovery and earnings growth.

Moreover, the domestic unit opened at 73.26 in comparison to the greenback at the interbank forex market.

Further, the local unit successfully hit an intra-day high of 72.71 with an intra-day low of 73.26 respectively.

However, the Indian rupee managed to settle at 72.72 compared to the American currency.

It reported a hike of 65 paise over its previous closing as per market indices.

The rupee had ended at 73.37 against the US dollar on Tuesday.

Meanwhile, the dollar index dropped from 0.12 per cent to 90.6 amid US Bond yields witnessing ease move.

Brent crude futures, the global oil benchmark has recorded a hike of 1.69 per cent to USD 63.76 per barrel.

Market analysts expect rupee to trade in the range of 72.80 to 73.80 in the upcoming sessions.

Indian economy is recovering much faster than expected as per statistics.

The government will spend on building infrastructure rather than boosting consumer demand artificially.

Also, the country needs to keep the growth momentum as it is the only means to create employment and reduce poverty.

On Tuesday, Foreign institutional investors were net buyers in the capital market who bought shares worth Rs 2,223.16 crore.


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