Rupee Continues Winning Streak, Gains For 4th Straight Day Rising 29 Paise To 74.07 Against Dollar

Continuing its winning streak for the fourth straight day, the rupee climbed 29 paise against the US dollar on Thursday, April 29, to settle at 74.07 (provisional), tracking a positive trend in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 74.20 against the dollar and registered an intra-day high of 73.94. It witnessed a low of 74.23. In an early trade session, the domestic unit gained 16 paise to 74.20 against the greenback. The rupee ended at 74.07 against the dollar, recording a rise of 29 paise over its previous closing.

This is the fourth straight session of gain for the domestic unit in which it has appreciated 94 paise so far.  Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, climbed 0.09 per cent to 90.69. On the domestic equity market front, the BSE Sensex ended 32.10 points or 0.06 per cent higher at 49,765.94, while the broader NSE Nifty rose 30.35 points or 0.20 per cent to 14,894.90.

”Equity indices ended with marginal gains on April 29 after giving up most of the opening gains. The Nifty opened higher but fell in the early part of the day to make an intra day low at 1050 Hrs. A feeble recovery followed amid volatility on April F&O expiry day. At close, the Nifty was up 30.40 points or 0.20 per cent at 14,894.90,” said  Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.

”Negative advance-decline ratio suggests some caution among market participants. 15050 could be a resistance on the up for the Nifty while 14695 could act as a support. Going by the slow fall seen so far, it seems that Nifty has not yet made a top in this upmove,” he added.

”The market witnessed some strong trend and an attempt to overcome the resistance level around the Nifty 50 Index level of 15000. While sustaining above 14800 is the key factor from a short-term perspective, our research suggests, maintaining above this level market to gain momentum and to open the gate for a movement till 15200,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited.

According to exchange data, the foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 766.02 crore on April 28. Brent crude futures, the global oil benchmark, rose 1.07 per cent to $ 67.99 per barrel.