Rupee settles 9 paise higher at 73.55 against US dollar
The rupee advanced by 9 paise to settle at 73.55 (provisional) against the US dollar on Monday, buoyed by sustained foreign fund inflows and heavy buying in domestic equities.
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Mumbai: The rupee advanced by 9 paise to settle at 73.55 (provisional) against the US dollar on Monday, buoyed by sustained foreign fund inflows and heavy buying in domestic equities.
Traders said upbeat industrial production data and weakening of the American currency in the overseas market also supported the rupee. At the interbank forex market, the domestic unit opened at 73.62 against the US dollar, then gained ground and touched an intra-day high of 73.48 against the greenback.
The local unit finally closed at 73.55 against the American currency, registering a rise of 9 paise over its previous close. On Friday, the rupee ended almost flat at 73.64, up 2 paise, against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading down 0.45 per cent at 90.56. "Indian rupee advanced on weakness in dollar and as market sentiments improve on hopes of global economic recovery buoyed by positive development in Covid-19 vaccine and ongoing efforts to pass more fiscal stimulus in the US," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas. (PTI)
