Rupee Resilience
The Indian rupee’s stability, despite external pressures from weak Asian currencies and rising US bond yields, highlights a nuanced approach by the Reserve Bank of India (RBI) in managing the currency.
Indian rupee shredded intraday gains settled 3 paise higher at 74.81 per dollar, amid volatile trade seen in the domestic equity market on Friday tracking weakness in the greenback.
It opened 11 paise higher at 74.74 per dollar against Thursday’s close of 74.85 and traded in the range of 74.68-74.89.
At the interbank forex market, it witnessed an intra-day high of 74.68 during the session and a low of 74.90 against the US dollar.
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Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22 per cent to 92.81.
Traders said the uptick in the domestic currency was he driven by weak US dollar, which extended losses following poor economic data.
The US economy plunged by a record-shattering 32.9 per cent annual rate last quarter.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 29.92 points lower at 37,706.15 and broader NSE Nifty fell 7.05 points to 11,095.10.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 207.30 crore on Thursday, according to provisional exchange data.
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