India News | Rupee Edges 5 Paise Higher to USD in Volatile Session

Mumbai, Sep 14 (PTI) The rupee managed to end 5 paise higher at 73.48 to the US dollar after a see-saw session on Monday as weaker American currency against key rivals and easing crude oil prices led to a positive sentiment.

After opening higher at 73.40 a dollar, the domestic currency swung between a high of 73.26 and a low of 73.70. It finally settled at 73.48, edging up by 5 paise against the greenback.

Also Read | Harivansh Narayan Singh Re-Elected Deputy Chairman of Rajya Sabha, Narendra Modi Congratulates Him.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.30 per cent lower at 93.05.

Brent crude futures, the global oil benchmark, fell 0.83 per cent to USD 39.50 per barrel.

Also Read | Aurangabad: Unknown Caller Makes Video Call to Woman For Sexual Favours, Flashes Private Parts at Her.

Besides, news related to coronavirus vaccine and sustained foreign fund inflows aided to positive sentiment.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 298.22 crore on a net basis on Monday, according to exchange data.

"The rupee had appreciated to an intra-day high of 73.26 in early trades today, on the back of inflows. However, the RBI chose to mop up inflows aggressively today," said Sriram Iyer, Senior Research Analyst at Reliance Securities.

On the domestic equity market front, the Sensex finally finished 97.92 points or 0.25 per cent lower at 38,756.63, while the NSE Nifty dips 24.40 points or 0.21 per cent to close at 11,440.05.

Devarsh Vakil, Deputy Head Retail Research, HDFC Securities, said, "Positive risk tone at the start of the week supported Asian currencies and equities. News of AstraZeneca resuming trials for their vaccine also helped risk on sentiments."

Vakil further said that the dollar index remained under pressure as there is no sign of additional US fiscal stimulus while new COVID-19 cases are rising globally, hurting the greenback.

A COVID-19 vaccine is likely to be available by early next year and the government is considering its emergency authorisation for high-risk people, Union Minister Harsh Vardhan has said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)