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17 Jan 2021, 22:09 HRS IST
  • PTI

    • Rupee logs 3rd straight gains, up 11 paise against US dollar

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    18:3 HRS IST

    (Eds: Adds analysts' comments)

    Mumbai, Jan 14 (PTI)
    The rupee gained for the third straight day and closed 11 paise higher at 73.04 against the US dollar on Thursday, supported by sustained foreign fund inflows and weak American currency.

    At the interbank forex market, the rupee opened at 73.18 and hit an intra-day high of 72.97 and a low of 73.18. It finally finished at 73.04, higher by 11 paise over its last close.

    Over the last three days, the rupee has added 36 paise in its valuation against the American currency.

    "Rupee caught another bid by logging its third green finish in last four days moving closer to monthly highs. The weaker dollar index, stronger foreign fund inflows, higher equities and recovery in local economy altogether helped rupee," said Devarsh Vakil, Deputy Head of Retail Research.

    According to Sriram Iyer, Senior Research Analyst at Reliance Securities the Indian rupee appreciated against the US currency for the third session in a row supported by persistent dollar inflows into local equities.

    On the domestic equity market front, the BSE Sensex ended 91.84 points or 0.19 per cent higher at 49,584.16, while the broader NSE Nifty advanced 30.75 points or 0.21 per cent to 14,595.60.

    Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 90.26.

    Foreign institutional investors bought shares worth Rs 1,076.62 crore on a net basis on Thursday, according to exchange data.

    Brent crude futures, the global oil benchmark, fell 0.21 per cent to USD 55.94 per barrel.

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