Rupee Vs Dollar Today: The rupee settled to 72.46 against the dollar
Rupee Vs Dollar: The rupee slipped from the day’s high level and marginally gained three paise against the US dollar on Tuesday, February 23, to settle at 72.46 (provisional) tracking muted domestic equities and stronger American currency against key rivals. At the interbank foreign exchange market, the domestic unit opened at 72.36 against the dollar and registered an intra-day high of 72.31. It witnessed a low of 72.46. In the early trade session, the local unit gained 16 paise to 72.33 against the greenback. It closed at 72.46 a dollar, registering a rise of three paise from its previous close. On Monday, February 22, the rupee had settled at 72.49 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.16 per cent to 90.15. ”Selling in dollar rupee continues as inflows dominate. Yesterday heard inflows were from corporate ECB and a bond issue. RBI ensured that 72.30 is not breached but don’t know how long. If flows continue then next support is 71.80 and after that 70.00. With dollar bashing continuing despite a rise in US and India yields we should continue with the strategy of selling the uptics on USD INR and for importers to hold positions with a stop at 72.65,” said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.
On the domestic equity market front, the BSE Sensex ended 7.09 points or 0.01 per cent higher at 49,751.41, while the broader NSE Nifty advanced 32.10 points or 0.22 per cent to 14,707.80. ”Benchmark equity indices closed off the highest point of the day on Feb 23 but managed to snap a five-day losing streak. The nifty made an intra day high at 1040 Hrs and then slid and went sideways. At close, the Nifty 50 index ended 32 points higher at 14,707,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
”Nifty halted the five day losing streak but the recovery or bounce was feeble. This raises doubts about sustainability of this bounce. However positive advance-decline ratio raises hope for the broader markets,” he added.
According to exchange data, the foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 893.25 crore on February 22. Brent crude futures, the global oil benchmark, rose 0.90 per cent to $ 65.83 per barrel.
