Sanjeevni Today

Rupee jumps to 74.50 against US dollar but fails to hold gains

Sanjeevni Today 07-07-2020 01:27 PM

The rupee fell to 74.82 at days low against US dollar

Reversing early gains, the rupee fell against the US dollar today amid volatile trade. Opening at 74.50, the rupee fell to 74.82 at day's low as compared to previous close of 74.64. So far during the day the rupee traded in the range of 74.50 to 74.82. Rupee was currently trading at 74.76.

"RBI's forex reserves rose $1.3 billion to $506.8 billion as on week ending 26th June. Given that the RBI balance sheet date is behind us, we may see central bank buy dollars less aggressively. It may only step in to contain volatility. We are likely to see USD-INR align more closely with Dollar/Asia and Dollar/EM," said Abhishek Goenka, Founder and CEO, IFA Global.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.48 per cent to 96.817.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading over 500 points higher in noon trade.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹857.29 crore on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.56% to $43.04 per barrel.

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.14 crore and the death toll has topped 5.33 lakh.

In India, the death toll due the disease rose to 19,693 and the number of infections spiked to 6,97,413, according to the health ministry. 

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