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Rupee rises against US dollar, back near 76 per USD

Monday, June 22, 2020, 17:10 Hrs  [IST]
HBI Staff | Hyderabad

According to Mint, The Indian rupee today appreciated against the US dollar today, tracking gains in the domestic equity market and foreign fund inflows. The rupee rose as much as 76.07 against the US dollar at day's high and so far in the day traded in the range of 76.07 to 76.18 per USD against the US dollar. In comparison, rupee had closed at 76.19 in the previous session.

Analysts said that rupee's gains were however capped due to rising crude prices and a fresh spike in coronavirus cases.

Meanwhile, the equity benchmark Sensex was 200 points higher in noon trade while Nifty held firm above 11,300.

Foreign institutional investors were net buyers in the capital market as they bought shares worth  INR1,237 crore on Friday, according to provisional exchange data.

"RBI's forex reserves rose another USD6 billion in the week ended June 12th to a record USD507.5 billion. A huge reserve buffer alters the structural dynamics in the rupee and gives the RBI greater power to influence rupee price action, it's relative valuation and volatility should it so decide. We expect the RBI to continue absorbing inflows, accumulating reserves and strengthening it's balance sheet. Inflows related to strategic investments by foreign investors in Jio and month-end exporter selling could cap up side in USD-INR this week. However, continuing reserve accumulation by the central bank should limit downside as well," said Abhishek Goenka, founder and CEO of IFA Global.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14% to 97.442.

Brent crude futures, the global oil benchmark, rose 0.19% to USD42.27 per barrel.

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