Rupee surges 25 paise to end at 75.28 against US dollar
The rupee continued its winning momentum on Tuesday, rising 25 paise to settle at 75.28 (provisional) against the US dollar, as the American currency and crude oil prices retreated from recent high levels.
Forex traders said weakness in the US dollar against its key rivals boosted investor sentiment, even as the domestic equities settled on a negative note.
At the interbank forex market, the domestic unit opened at 75.54 against the US dollar and touched an intra-day high of 75.28 and finally closed at 75.28, registering a rise of 25 paise over its previous close.
On Monday, the rupee started the financial year 2022-23 on a bullish note, spurting 21 paise to close at a one month-high of 75.53.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09 per cent down at 98.90.
“Persistent risk-on sentiments, weak dollar index and stronger regional (Asian) currencies have been supporting the local unit in northbound movement,” said Dilip Parmar, Research Analyst, HDFC Securities.
“On the global front, investors are assessing measures taken against Russia and the outlook for China’s economic growth as Shanghai remained in lockdown. Near-term focus will remain RBI monetary policy decision and stance,” Parmar added.
On the domestic equity market front, the 30-share BSE Sensex ended 435.24 points or 0.72 per cent lower at 60,176.50, and the broader NSE Nifty tumbled 96.00 points or 0.53 per cent to 17,957.40.
Brent crude futures, the global oil benchmark, rose 1.04 per cent to USD 108.65 per barrel.
Foreign institutional investors remained net buyers in the capital market on Monday as they purchased shares worth Rs 1,152.21 crore, according to stock exchange data.