Home >Markets >Stock Markets >Rupee continues upward momentum against US dollar

The rupee today continued its upward momentum against the US dollar, settling 7 paise higher against the American currency. After trading in a narrow range, the rupee settled at 75.51 as compared to the previous close of 75.58. During today's session, the rupee traded in the range of 75.45 to 75.58 per USD. A stronger dollar capped the rupee's gains.

The rupee had posted strong gains of about 55 paise last week and on Monday had also eked out a small gain.

"Rupee traded in range as USD-INR took support near 75.40. USD-INR still seems to be in this smaller range of 75.40-75.75 and broader range of 75.00-76.40," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Prime Minister Narendra Modi will address the nation on later today. His address comes against the backdrop of a standoff between Indian and Chinese troops in Ladakh. Also, the country will be entering "unlock 2" from July 1.

"The address would most likely be centred around unlock 2.0 but there is a chance he may outline India's stance on recent Indo-China tension," said Abhishek Goenka, Founder and CEO, IFA Global.

The Reserve Bank of India on Monday has announced a special OMO (Operation Twist) of 10000 crore, pushing down yields lower today.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.23 per cent to 97.71.

The 30-share BSE benchmark Sensex was trading flat in late trade. Foreign institutional investors were net sellers in the capital market on Monday as they sold shares worth 1,937.06 crore

Brent crude futures, the global oil benchmark, fell 0.62% to $41.45 per barrel.

Meanwhile, the number of cases around the world linked coronavirus has crossed 1.03 crore and the death toll has topped 5.05 lakh.

In India, the death toll due to COVID-19 rose to 16,893 and the number of infections spiked to 5,66,840, according to the health ministry. (With Agency Inputs)

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