Rupee edges higher against US dollar after big gains last week1 min read . Updated: 29 Jun 2020, 06:50 PM IST
- A weak greenback and easing crude prices supported the Indian rupee
- But a decline in domestic equity markets capped the gains
Indian rupee today edged higher against the US dollar, extending strong gains of the previous week. A weak greenback and easing crude prices supported the Indian rupee but a decline in domestic equity markets capped the gains. The rupee today ended 6 paise higher at 75.58 as compared to previous close of 75.64. The rupee had gained about 55 paise last week.
Opening at 75.62 a US dollar, the rupee today traded in the range of 75.53 to 75.65. Meanwhile, Indian equity benchmark Sensex ended about 200 points lower at 34,961.
"Rupee ended higher on Monday on likely overseas inflows into local debt amid a weak greenback. Some Jio-related inflows further supported spot pair. However, dollar-buying by nationalized banks capped sharp fall in spot pair. Rupee still broadly trading between the range of 75.40-75.75," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
Meanwhile, the number of coronavirus cases around the world has crossed the 10 million mark while the death toll has climbed above half a million. In India, the death toll due to COVID-19 rose to 16,475 and the number of infections rose to 5,48,318, according to the health ministry.
"It is an important week from US data point of view. We have the June ADP private payroll data, ISM manufacturing and FOMC minutes on Wednesday. We have the NFP data for June on Thursday, Friday being a US holiday," said Abhishek Goenka, Founder and CEO, IFA Global.
Foreign institutional investors were net sellers in the capital market on Friday, as they sold equity shares worth ₹753.18 crore.
Brent crude futures, the global oil benchmark, fell over 2% to $40.14 per barrel.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25% to 97.15. (With Agency Inputs)