Rupee Edges Lower To End At 73.64 Against Dollar

Rupee Edges Lower To End At 73.64 Against Dollar

Rupee Vs Dollar: The rupee is down 3.17% against the dollar so far this year

Rupee Vs Dollar Today: The rupee declined by 16 paise – or 0.22 per cent – to close at 73.64 against the US dollar on Tuesday, amid a mixed trend across Asian currencies. It traded in a range of 42 paise, between 73.31 and 73.73, against the greenback, having started the four-hour session stronger at 73.37 compared to its previous close of 73.48. Analysts say strength in domestic equities and weakness in the US currency overseas limited the fall in rupee.

Domestic stock markets moved higher, a day after official data showed retail inflation in the country eased slightly more than expected in August. Small- and mid-cap stocks extended their gains from the previous session, also boosting the markets.

The S&P BSE Sensex index rose as much as 0.83 per cent to 39,079.30 during the session, whereas the broader NSE Nifty 50 benchmark climbed up 0.83 per cent to 11,534.55.

“Global risk sentiment is holding up on hopes of a (COVID-19) vaccine becoming available by the end of 2020,” said Abhishek Goenka, founder and CEO of forex advisory firm IFA Global.

The yield on the 10-year government bond was unchanged at 6.03 per cent for the day.

“Domestic consumer prices rose 6.69 per cent in August, lower than market expectations but still higher than the upper limit of the RBI’s tolerance band of 4-6 per cent. Since a higher print was already expected, the bond market should take the data in its stride,” Mr Goenka added.

The dollar index – which measures the greenback against six other currencies – was last seen trading 0.17 per cent lower, having declined as much as 0.24 per cent earlier on Tuesday.

Crude oil prices edged higher but forecasts of a slower-than-expected recovery in global fuel demand due to the coronavirus pandemic weighed. Brent crude futures – the global benchmark for crude oil – jumped as much as 1.69 per cent to $40.28 per barrel.

At the current level, the rupee is down 3.17 per cent against the dollar so far this year.

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