The rupee pared initial gains to close flat at 75.65 against the US dollar on Friday as concerns about rising COVID-19 cases weighed on investor sentiment.
The Indian rupee on Tuesday gave up all its intra-day gains to close 6 paise lower at 75.61 against the US dollar in line with weaker sentiment in financial markets triggered by steeply rising coronavirus cases in the country.
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.
The rupee on Thursday declined by 5 paise to settle at 75.76 against the US currency as escalating tension between the US and China boosted the demand for the dollar.
The rupee appreciated by 25 paise to settle at 75.66 against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trials boosted investor sentiment world over.
Domestic bourses were trading on a positive note with benchmark indices Sensex trading 112.14 points higher at 30,748.85 and Nifty up by 11.50 points at 8,992.95. Brent crude futures, the global oil benchmark, fell 12.73 per cent to USD 16.87 per barrel.
Paring its early gains, the rupee declined by 17 paise to close at its all-time low of 76.44 against the US dollar on Wednesday, tracking weak domestic equities and strengthening of the American currency overseas.
The Indian rupee appreciated by 23 paise to 76.11 against the US dollar in early trade on Thursday tracking positive opening in domestic equities. Forex traders said higher opening in domestic equities supported the local unit, while concerns over coronavirus outbreak weighed on the local unit.
The rupee pared its initial gains to settle marginally higher at 74.24 against the US dollar on Tuesday amid continued meltdown in equity markets and sustained foreign fund outflows. Forex traders said the Indian rupee which started the day on a positive note, witnessed heavy volatility amid fears that the rate cut by the Reserve Bank would not be sufficient to boost market sentiments.
A sense of anxiety among investors has developed as they see the global economy is plunging into a deep crisis due to coronavirus pandemic that has killed about 5,000 and sickened lakhs of people around the globe.
The Indian rupee recovered 33 paise to 73.84 against US dollar in early trade on Wednesday amid positive opening in domestic equities and weakening of the American dollar in the overseas market.
The rupee on Thursday settled flat at 71.33 (provisional) against the US dollar after weak macro-economic data disappointed market participants. Forex traders said disappointing macro economic numbers and weak domestic equities weighed on the local unit
The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas. Forex traders said the rupee traded weak largely owing to strengthening of the US dollar ahead of the non-farm payrolls number scheduled to be released later in the day.
It will require a very credible challenger and a strong institution to end US dollar's dominance because the currency has proved to be very stable time and again, IMF chief economist Gita Gopinath said on Thursday.
Forex traders said crude oil prices surged after US President Donald Trump ordered the killing of Iran Revolutionary Guards commander Qasem Soleimani.
A day after the the Reserve Bank of India kept key policy rate unchanged, the Indian rupee opened at 71.30 against the US dollar on Friday. On Thursday, the rupee had settled for the day at 71.29 against the US dollar.
Market benchmark BSE Sensex dropped over 100 points in early trade on Friday tracking losses in index-heavyweights RIL and ICICI Bank ahead of quarterly GDP growth data release. Retreating from its lifetime peak scaled in the previous session, the 30-share index was trading 158.97 points, or 0.39 per cent, lower at 40,971.20 in morning session. Similarly, the broader NSE Nifty was quoting 38.45 points, or 0.32 per cent, down at 12,112.70.
Forex traders said the rupee consolidated in a narrow range following lack of cues on the domestic as well as the global front. During the day, the domestic unit fluctuated between a high of 71.68 and a low of 72.
The rupee depreciated by 14 paise to close at 71.02 against the US dollar on Monday as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.
The rupee on Friday closed almost flat at 70.88 against the US dollar after the Reserve Bank of India in a widely expected move cut key interest rates by 0.25 percentage point. At the interbank foreign exchange market, the rupee had opened strong at 70.82 against the US dollar at the interbank forex market.
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