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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Man dies by suicide after being 'duped of ₹1.5 crore' in stock market scam
Jaipur (PTI): A 42-year-old man allegedly died by suicide after jumping in front of a Sikar-Rewari passenger train in Jhunjhunu district on Saturday morning, officials said.
Police launched a probe into allegations in a three-page suicide note in which the deceased allegedly blamed several individuals for his death, accusing them of cheating his family out of around Rs 1.5 crore through stock market investment.
The deceased cited mounting debts and alleged harassment by creditors as reasons that drove him to take the extreme step.
Kotwali police head constable Mahendra Singh said the deceased, Vimal Kumar Sharma, was identified using a mobile phone recovered from the spot near the New Housing Board police line crossing.
"We contacted numbers stored in the phone, which helped establish his identity. A suicide note was also found in the deceased's pocket," he said, adding that Sharma was engaged in share market trading.
In the suicide note, Sharma alleged that despite lodging a complaint at the Kotwali police station, police conducted no proper investigation and closed the case file without inquiry.
He claimed to possess evidence such as call recordings, a pen drive and bank statements.
Meanwhile, family members reached the hospital and demanded the arrest of the accused persons named in the suicide note, refusing to accept the body until action is taken.
Police said an investigation is underway.
(Assistance for overcoming suicidal thoughts is available on the state’s health helpline 104, Tele-MANAS 14416.)
