Rupee rebounds 40 paise to close at 74.36 a dollar
Mumbai: The Indian rupee on Thursday staged a smart recovery to end at 74.36 against the US dollar, clocking a gain of 40 paise amid positive sentiments in domestic and global markets.
Weakness in American currency against its key rivals also supported the Indian unit, forex traders said.
At the interbank forex market, the domestic unit opened at 74.35 against the US dollar and saw an intra-day high of 74.25 and a low of 74.41.
It finally closed at 74.36, registering a rise of 40 paise over its previous close.
On Wednesday, the rupee had plunged by 35 paise to close at its weakest level in over 10 weeks at 74.76.
"Indian rupee gained in line with the other Asian peers. Risk-on sentiments supported the Asian currencies with the dollar falling across the board," said Devarsh Vakil, Deputy Head Retail Research, HDFC Securities.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 percent down at 93.20.
On the domestic equity market front, the BSE Sensex closed at 41,340.16, up 724.02 points or 1.78 percent; and the broader NSE Nifty zoomed 211.80 points or 1.78 percent to finish at 12,120.30.
Vakil further said that "domestic equity indices are going to attract fund flows and that will keep check on rupee depreciation for next few sessions.
"We feel Rupee has completed its recent round of depreciation yesterday and is likely to consolidate between 74 to 74.5 range, he added.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth a whopping Rs 5,368.31 crore on Thursday, exchange data showed.
Meanwhile, Brent crude futures, the global oil benchmark, fell 0.75 percent to USD 40.92 per barrel
"The Indian rupee appreciated against the US currency on Thursday supported by upbeat local equities amid a probability that Democrat Joe Biden could win the US Presidential elections," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
