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Rupee Gains 18 Paise To Settle At 73.37 Against Dollar Amid Positive Domestic Equities

Rupee Vs Dollar Today: The rupee settled at 73.37 against the dollar

Rupee gained 18 paise against the US dollar on Tuesday, March 2, to settle at 73.37 (provisional), supported by positive domestic equities amid better risk appetite. At the interbank foreign exchange market, the domestic unit opened at 73.32 against the dollar and registered an intra-day high of 73.31. It regsitered a low of 73.48. In an early trade session, the local unit gained 23 paise to 73.32 against the greenback. The rupee closed at 73.37 against the American currency, witnessing a rise of 18 paise over its previous closing. On Monday, March 1, the local unit settled at 73.55 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.28 per cent to 91.29. ”Importers may hedge around 73.10-20 levels which exporters between 73.45to 73.60. Equities are doing well so there can be a sell off in the pair which should get supported at 73.10-15,” said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.

On the domestic equity market front, the BSE Sensex ended 447.05 points or 0.90 per cent higher at 50,296.89, while the NSE Nifty climbed 157.55 points or 1.07 per cent to 14,919.10. ”Benchmark equity indices ended higher for the second straight day, after recovering from selloff seen in the morning. At close the NSE Nifty 50 index gained another 1.07 per cent to end at 14,919,” said Deepak Jasani, Head of Retail Research, HDFC Securities. 

”Nifty has entered the downgap area of 14919-15065 raising hopes of further upmove. Advance decline ratio also rose in line with the uppishness in the Nifty. 14782 on the downside is a crucial level to defend,” he added.

According to exchange data, the foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 125.15 crore on March 1. Meanwhile, Brent crude futures, the global oil benchmark, slipped 0.05 per cent to $ 63.66 per barrel.

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