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Home / Markets / Stock Markets /  Rupee recovers to settle higher against US dollar

The Indian rupee today reversed early losses to settle higher against the US dollar after trading in a narrow range. The rupee opened at 75.75 against the US dollar before closing 6 paise higher at 75.67 per dollar. The rupee had closed at 75.73 in the previous session. During today's session, rupee had traded in the range of 75.57 to 75.78 per USD.

Indian equity markets closed with minor losses today in a volatile session. Easing crude oil prices and foreign fund inflows supported rupee, while strong US dollar and rising coronavirus cases weighed on investor sentiments.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.25% to 97.38.

"Rupee ended muted on inflows into local stocks and selling by exporters. Indian stocks swung between gains and losses after the International Monetary Fund slashed its growth outlook for the country and forecast a deeper global recession. Rupee keeps its range bound trades continued between 75.50-75.90 and broad range of 75.00-76.40," says Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Foreign institutional investors were net buyers in the capital market as they bought shares worth 1,766.90 crore on Wednesday, according to provisional exchange data.

"The Competition Commission of India has given clearance to Facebook' acquisition of stake in Jio. The markets are expecting the flows to come in, in the next month. Positioning in anticipation of these inflows and month end exporter selling could limit up side in USD-INR," says Abhishek Goenka, Founder and CEO, IFA Global.

Oil slipped towards $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. (With Agency Inputs)



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