Rupee Vs Dollar: The rupee is down 5.96% against the dollar so far this year
Rupee Vs Dollar Today: The rupee ended a volatile session on Tuesday marginally lower at 75.61 against the US dollar, amid weakness in domestic equity markets and strength in the greenback overseas. The rupee moved in a range of 75.43-75.61 against the US currency during the four-hour session before settling at an intraday low of 75.61. It had started the day mildly stronger at 75.51 compared to its previous close of 75.54. At the current level, the rupee is down 5.96 per cent against the greenback so far this year.
Domestic stock markets fell more than 1 per cent and were set to end a volatile session lower to break two days of gains. At 2:48 pm, the S&P BSE Sensex index traded 487.69 points - or 1.42 per cent - lower at 33,882.89, while the broader NSE Nifty 50 benchmark was down 137.50 points - or 1.35 per cent - at 10,029.95.
Crude oil prices climbed as the easing of coronavirus lockdown measures across the globe lifted trader hopes for a swift recovery in demand, though gains were capped by the spectre of persistent oversupply in the market. Brent crude futures - the global benchmark for crude oil - were last seen trading 0.3 per cent higher at $40.94 per barrel, a day after declining by $1.50 per barrel to break a seven-day rising streak..
Other Asian currencies largely moved lower against the dollar. The dollar index - which gauges the greenback's performance against six currencies - rose as much as 0.46 per cent, and was last seen trading up 0.36 per cent.
Analysts say the rupee is expected to continue to move in a narrow range in the near term.
"The rupee is expected to move in a range of 75.35-75.70 as moves across currencies are expected to be subdued ahead of the Federal Reserve policy decision tomorrow... The rupee has been trading in a 75-76 range for 25 sessions now," said Abhishek Goenka, founder and CEO of forex advisory firm IFA Global.
Currency markets currently operate within reduced trading hours due to the coronavirus-induced lockdown. The temporary timings are from 10 am to 2 pm, instead of the normal timings of 9 am to 5 pm.
