Rupee sees high volatility; rises marginally to 73.46/USD in early trade

Topics Rupee | US Dollar | Currency

The rupee witnessed high volatility in opening session on Friday amid heavy selling in domestic equities and a rebound in the American currency.

At the interbank forex market, the domestic unit opened on a strong note at 73.38 against the US dollar, then gained further to quote at 73.35.

The local unit, however, pared the initial gains and was trading at 73.46, up by just 1 paisa over its previous close.

On Thursday, the rupee slumped 44 paise to close at 73.47 against the US dollar as rise in demand for the American currency from oil importers weighed on currency market sentiment.

Forex traders said heavy selling in domestic equity markets and a rebound in American currency weighed on the rupee.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 92.77.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 464.61 points lower at 38,526.33, and the broader NSE Nifty fell 130.30 points to 11,397.15.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 7.72 crore on Thursday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.93 per cent to USD 43.66 per barrel.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel