Home / News / India /  Rupee rises to about one-month high against the US dollar

The rupee edged up to about one-month high of 75.67 per US dollar amid a rally in domestic equities. Opening at 75.97, the rupee traded in the range of 75.59 to 75.99, as compared to its previous close of 76.18. The Sensex was up about 500 points in late trade. Besides, market sentiments improved as more countries are announcing gradual lifting of lockdowns that have been imposed to contain coronavirus infection.

Abhishek Goenka, founder and CEO of IFA Global, said," The global risk sentiment is holding up. Focus will be on the Federal Reserve policy announcement tonight. While the US Fed has already proactively cut rates and delivered an array of measures to boost liquidity, guidance on how long the rates could stay low and how asset purchases could be targeted at keeping long term rates low will be followed."

Meanwhile, the dollar index, which gauges the greenback's strength against the basket of six currencies, was trading 0.3% lower at 99.64.

In India, the death toll due to COVID-19 rose to 1,007 and the number of cases climbed to 31,332 on Wednesday, according to the Union Health Ministry.

The number of cases around the world linked to the disease has crossed over 31.38 lakh and the death toll has topped 2.18 lakh.

Foreign institutional investors remained net sellers in the capital market, as they sold equity shares worth 122.15 crore on Tuesday, according to provisional exchange data. They remained net seller this month but the quantum of selling is down significantly as compared to March. The rupee is down about 6% so far this year against the US dollar but it has outperformed many emerging market currencies during the turmoil in financial markets amid coronavirus outbreak. (With Agency Inputs)

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