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  4. Rupee edges higher to close at 75.55 against US dollar

Rupee edges higher to close at 75.55 against US dollar

The Indian rupee on Monday settled with a marginal 3 paise rise at 75.55 against the US dollar as sustained foreign fund inflows offset impact of rising crude oil prices on investor sentiment.

PTI Reported by: PTI Mumbai Published on: June 08, 2020 21:14 IST
Rupee edges higher to close at 75.55 against US dollar
Image Source : PTI (FILE)

Rupee edges higher to close at 75.55 against US dollar

The Indian rupee on Monday settled with a marginal 3 paise rise at 75.55 against the US dollar as sustained foreign fund inflows offset the impact of rising crude oil prices on investor sentiment. The Indian currency opened at 75.59 against the US dollar and finally settled at 75.55, registering a rise of 3 paise over its previous close.

It had settled at 75.58 against the greenback on Friday.

During the four-hour session, the rupee saw an intra-day high of 75.50 and a low of 75.64.

Forex traders said a weak dollar overseas also helped the rupee, but rising crude oil prices weighed on the domestic unit.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 96.85.

Brent crude futures, the global oil benchmark, rose 0.97 per cent to USD 42.71 per barrel.

On the equities front, the BSE Sensex ended 83.34 points, or 0.24 per cent, higher at 34,370.58.

Similarly, the NSE Nifty closed 25.30 points, or 0.25 per cent, up at 10,167.45.

Foreign institutional investors were net buyers in the capital market, as they bought shares worth Rs 813.27 crore on Monday, according to provisional exchange data.

The weakness in dollar index and stronger global equities supported the emerging market currencies. In the first week of June, foreign institutions have bought equities worth USD 2.6 billion, traders said.

"Indian rupee gained on the expectation of foreign fund inflows and in line with stronger Asian currencies," Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities said, adding the near-term focus will remain on US FOMC meeting on Wednesday.

Vakil further noted that the rupee is expected to consolidate in the range of 75 to 76 in the coming days.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.4665 and for rupee/euro at 85.8416. The reference rate for rupee/British pound was fixed at 95.4717 and for rupee/100 Japanese yen at 69.03. 

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