Rupee Surges 32 Paise To Settle At 72.93 Against Dollar Amid Positive Domestic Equities

Rupee Vs Dollar Today: The rupee appreciated 32 paise against the US dollar on Tuesday, March 9, to settle at 72.93 (provisional), supported by positive domestic equities and weaker American currency in the overseas market. At the interbank foreign exchange market, the domestic unit opened at 73.16 against the dollar and registered an intra-day high of 72.91. It witnessed a low of 73.25. In an early trade session, the rupee gained 18 paise to 73.07 against the greenback. The local unit settled at 72.93 against the American currency, registering a rise of 32 paise over its previous closing. On Monday, March 8, the domestic unit settled at 73.25 against the American currency. 

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.37 per cent to 91.96. ”USDINR  has come into a buy mode as dollar index rises, yields rise and Asian currencies  fall against the dollar. Flows in USDINR  kept it in a range of 72.90/73.30 but expectation is of a higher range from here and may be we see around 74 towards mid March. Flows continue but demand for dollar has increased,” said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors. 

“Rupee traded strongly above 73.00 as dollar index retraced some of its rally witnessed in the last few days. The dollar index which is traded around USD 92.4 retraced back to $ 91.90 giving the rupee positive momentum, along with stable financial market participation,” said Jateen Trivedi, Senior Research Analyst, LKP Securities.

On the domestic equity market front, the BSE Sensex ended 584.41 points or 1.16 per cent higher at 51,025.48, while the broader NSE Nifty climbed 142.20 points or 0.95 per cent to 15,098.40. ”The market continued to remain rangebound, trading between 15150/51200 and 14900/50200 levels. However, towards the end Nifty IT and Bank Nifty helped the broader market to move higher. To a greater extent, the broad-based buying in the technology sector has helped the market to close higher compared to the financial sector,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

According to exchange data, the foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,494.49 crore on March 8. Meanwhile, Brent crude futures, the global oil benchmark, gained 0.59 per cent to $ 68.64 per barrel.