Indian Rupee: On A Winning Streak

Indian Rupee: On A Winning Streak
December 31, 2020 8:59 IST
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capital market
The Indian rupee is seen staying on a winning streak on the last day of the year 2020 backed by sustained confidence by foreign investors in the domestic market. Besides, weakness in the US dollar overseas also supports the local unit.
On Wednesday, rupee appreciated by 11 paise to close at more than two-month high of 73.31 against the US dollar. At the interbank forex market, the domestic unit opened at 73.35 against the US dollar and witnessed an intra-day high of 73.26 and a low of 73.36. The local unit finally settled at 73.31, registering a rise of 11 paise over its previous close. The rupee had last closed at this level on October 13. On Tuesday, the rupee had settled at 73.42 against the American currency. In the last five trading sessions, the Indian rupee has gained 53 paise.

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