Rupee ends higher at 75.10 per dollar
The domestic currency is seen trading in a band of 75.20 to 76.60 in near term, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
April 30, 2020 / 02:18 PM IST
Indian rupee has ended higher by 57 paise at 75.10 per dollar, amid strong buying seen in the domestic equity market.
It opened 51 paise higher at 75.16 per dollar against previous close of 75.67.
At 14:11 IST, the Sensex was up 913.32 points or 2.79% at 33633.48, and the Nifty was up 268.35 points or 2.81% at 9821.70.
"We have witnessed third consecutive day of gains for the Indian rupee, assuming equity outflows have eased and that corporate dollar inflows have started trickling in. Risk appetite has also improved on the back of easing lockdown restrictions in major global economies, which could take the rupee to 75.20 mark in the near term. However, the bias is skewed on the downside since economic risks stemming from the virus still remain," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Although there is some respite for the time being, rupee bulls will have to gauge whether the impact sustains. The domestic currency is seen trading in a band of 75.20 to 76.60 in near term," she added.
Oil prices surged more than 10% on Wednesday after US crude stockpiles grew less than expected and gasoline posted a surprise draw, feeding optimism that fuel consumption will recover as some European countries and US state ease coronavirus lockdowns.
The dollar nursed losses on Thursday after the US Federal Reserve left the door open to more monetary easing and dampened expectations for a quick economic recovery from the coronavirus pandemic.