Rupee snaps 4-day losing run, ends marginally up at 74.62 vs USD
Mumbai: The rupee halted its four-session losing streak on Friday, settling with a marginal 2 paise gain at 74.62 to the US dollar, as stronger Asian peers against the greenback lent support to the domestic unit.
Forex traders, however, said that importers and banks' demand for the greenback continued to exert pressure on the Indian currency.
At the interbank forex market, the rupee opened at 74.63 a dollar and witnessed an intra-day high of 74.47 and a low of 74.71.
The local unit finally closed at 74.62 against the American currency, registering a rise of 2 paise over its previous close.
On weekly basis, the rupee lost 54 paise or 0.72 percent.
"The rupee ended flat on Friday, however, for the week the currency depreciated against the US dollar amid persistent dollar purchases from state-run banks, likely on behalf of the central bank," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Iyer further said that most Asian currencies were stronger against the US dollar and lent support this Friday.
"However, risk appetite waned as a gloomy global economic outlook dampened sentiment due to rising COVID-19 infections in the US and Europe and kept appreciation bias limited," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.15 percent to 92.82.
On the domestic equity market front, the BSE Sensex ended 85.81 points or 0.20 percent higher at 43,443, while the broader NSE Nifty rose 29.15 points or 0.23 percent to 12,719.95.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,935.92 crore on a net basis on Friday, according to exchange data.
Brent crude futures, the global oil benchmark, fell 0.60 percent to USD 43.27 per barrel.
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Uddhav Thackeray had contacted Fadnavis as well as me after his govt faced crisis: CM Shinde
Nashik, May 2: Maharashtra Chief Minister Eknath Shinde on Thursday claimed that Uddhav Thackeray had reached out to him and offered the chief minister's post after his rebellion plunged the Thackeray-led Maha Vikas Aghadi (MVA) government in the state in a crisis in 2022.
He also termed as correct the claim made by deputy CM Devendra Fadnavis that Thackeray, then chief minister, had contacted the BJP leader too and offered the top post.
The Thackeray government collapsed in June 2022 after Shinde and the majority of Shiv Sena MLAs rebelled against the party leadership.
"There is truth to the claim as they made these efforts when we decided to leave. They (Thackeray and his associates) also called me and offered the CM's post, but I had not taken the decision to be the chief minister then. We left because they had deviated from Shiv Sena supremo late Balasaheb Thackeray's ideology," Shinde told reporters here.
He was replying to a question about Fadnavis's claim that Uddhav Thackeray had offered him the chief minister's post after Shinde rebelled and the MVA government was about to fall. Thackeray had parted ways with the BJP earlier in 2019 and formed government with the NCP and Congress.
"They also made efforts in Delhi, saying the entire Shiv Sena will be with them (BJP) and asked BJP leaders not to take only some people (i.e., Shinde and his supporters) in their fold. But by then, 50 people (MLAs) were already with me. What Devendra ji has said has truth to it," Shinde said.
Asked for comment, Shiv Sena (UBT) leader Sachin Ahir questioned the time chosen by Shinde and Fadnavis to make these claims.
"They are making such statements after two years only to create confusion," he said.
