Rupee ends higher at 76.24 per dollar
Once the said support of 77 mark is taken out, the domestic currency looks inclined to witness further depreciation towards the level of 77.50, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
April 27, 2020 / 02:06 PM IST
Indian rupee ended higher by 21 paise at 76.24 per dollar, helped by buying seen in the domestic equity market.
It opened higher by 28 paise at 76.17 per dollar against Friday's close of 76.45.
At 14:06 IST, the Sensex was up 607.98 points or 1.94% at 31935.20, and the Nifty was up 184.30 points or 2.01% at 9338.70.
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic.
"After gaining some lost ground, the Indian rupee again succumbed to selling pressure, registering losses of 0.51 percent to finish the day at 76.45 mark on the back of renewed weakness in domestic equities and a strengthening US dollar. However, the local unit ended the volatile week marginally higher by 0.10 percent," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Market participants continue to gauge the contraction in economic activity throughout the world as a fall-out of the coronavirus pandemic for further cues. The bumpy ride looks to continue for the domestic currency as there is no end in sight to this pandemic, where the level of 77 will act as a strong cushion area. Once the said support of 77 mark is taken out, the domestic currency looks inclined to witness further depreciation towards the level of 77.50," she added.