File photo for representation. | Photo Credit:
G. Ramakrishna
The rupee appreciated by 10 paise to 73.20 against the US dollar in opening trade on Tuesday supported by positive domestic equities and strong Asian currencies. At the interbank forex market, the local unit opened at 73.22 against the US dollar, then inched higher to 73.20 against the greenback, registering a rise of 10 paise over its previous close. On Monday, the rupee had settled at 73.30 against the American currency. However, appreciation bias could be capped amid concerns that rising COVID-19 cases and subsequent lockdowns in some states may hurt economic recovery and cause foreign outflows, Reliance Securities said in a research note.
The rupee pared its initial gains and closed down by 12 paise at 73.42 (provisional) against the US currency on Tuesday amid concerns that rising COVID-19 cases and subsequent lockdowns in some states
Besides, losses in domestic equity markets weighed on investors sentiment The rupee declined by 18 paise to close at 73.30 (provisional) against the U.S. currency on Monday on strong American currency and risk aversion in the domestic market amid concerns over rising COVID-19 cases. Besides, losses in domestic equity markets weighed on investors sentiment. At the interbank forex market, the local unit opened at 73.38 against the greenback and traded in the range of 73.28 to 73.45 during the day. The rupee finally ended at 73.30 against the American currency, registering a fall of 18 paise over its previous closing of 73.12. The forex market was closed on April 2, on account of Good Friday.
The Indian rupee slumped 16 paise to 72.99 against the U.S. dollar in opening trade on Friday, as a rebound in the U.S. dollar and muted opening in domestic equities weighed on investor sentiment. At