The rupee recovered 56 paise to settle at 73.61 (provisional) against the US dollar on Wednesday amid positive domestic equities and weakening of the American dollar in the overseas market.
The Indian rupee has breached the 74 per dollar mark and experts feel that with continued global economic concerns and possibilities of further plunge in financial and oil markets, it may continue to witness volatility in the coming days.
The rupee on Monday slipped past the 74-level against the US dollar to settle at 74.14 (provisional), down 27 paise tracking heavy selling in domestic equity market amid rising concerns over coronavirus-led economic slowdown.
The Indian rupee continued its downward journey on Thursday, sliding another 5 paise to trade at 73.44 against the US dollar amid mounting fears of a coronavirus-led economic slowdown.
The Indian rupee moved up by 13 paise to close at 71.25 against the US dollar on Tuesday as forex market participants gauged improved sentiment in global markets amid efforts to contain deadly coronavirus. The Indian currency was also supported by Brent crude prices at lower levels and foreign fund inflows into domestic equities.
The US dollar rose in late trading, as investors' fears over escalating US-Iran tensions eased following US President Donald Trump's remarks on an Iran attack. Iran on Wednesday launched ballistic missiles at Iraqi bases housing US troops in retaliation for the US killing of Iranian general Qassem Soleimani.
The 30-share BSE index was trading 161.85 points or 0.39 per cent higher at 41,325.61, and the broader NSE Nifty rose 57.70 points or 0.48 per cent to 12,184.25. SBI was the top gainer in the Sensex pack, rising up to 2.14 per cent, followed by PowerGrid, Axis Bank, Bharti Airtel, Reliance Industries (RIL), Maruti and HDFC twins.
The settlement date for the notes is expected to be December 12, 2019, it added. The notes represent direct, unconditional and unsecured obligations of the issuer and will rank pari passu among themselves and all other unsecured obligations of the issuer.
The Indian rupee depreciated 30 paise to 71.77 against the US dollar in early trade on Wednesday amid rising concerns over the US-China trade deal and political unrest in Hong Kong
At the interbank foreign exchange, the rupee opened at 70.90, then gained further ground and touched a high of 70.87 against the US dollar, registering a rise of 27 paise over its previous close.
The US dollar declined against the British pound as Britain and the European Union (EU) reached a new Brexit deal. The dollar index, which measures the greenback against six major peers, decreased 0.40 per cent at 97.6096 in late trading.
At the interbank foreign exchange market, the rupee opened at 71.60 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.36 and a low of 71.71.
A man approached the police on Monday claiming the foreigner has duped him of Rs 10 lakh using the same "magic trick". Alain would use his "magic trick" on notes and tell gullible people to check the money after two hours and find it converted into American dollars, the officer said.
The rupee appreciated by 9 paise to 71.05 against the US dollar in early trade on Monday, tracking gains in domestic equities and indication of a revival in trade talks between the US and China.
The rupee depreciated by 12 paise to close at 68.92 against the US dollar on Monday tracking heavy losses in the domestic equity market and a spike in crude oil prices following Iran's seizure of a British tanker.
The rupee snapped its three-day losing streak to close 17 paise higher at 68.80 against the US dollar Friday as market participants pinned their hopes on an aggressive rate cut by the US Federal Reserve later this month.
Gold futures on the COMEX division of the New York Mercantile Exchange rose significantly on Wednesday as US Federal Reserve Chairman Jerome Powell's testimony boosted hopes for interest-rate cuts.
However, weakening of the American currency in the overseas market, and easing crude oil prices restricted the rupee's decline, forex traders. The rupee came under pressure following heavy selling in domestic equities amid outflow of foreign funds, they added.
India's economic growth will rebound from a five-year low this year, but would need a huge boost in spending and reforms to accelerate higher rate of expansion to double the economy's size to USD 5 trillion by 2024-25, the pre-Budget Economic Survey said Thursday.
The US dollar rose slightly in late trading on Wednesday as investors digested a batch of latest economic data. In late New York trading, the euro was down to $1.1278 from $1.1290 in the previous session, and the British pound decreased to $1.2576 from $1.2602 in the previous session, Xinhua news agency reported.
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