Rupee gains against US dollar, euro
Premium- At the interbank forex market, the rupee opened at 74.20, and hit an intra-day high of 74.16 and a low of 74.25
The rupee gained for the second straight day and closed 9 paise higher at 74.18 (provisional) against the US dollar on Thursday, supported by a rally in domestic equities and weaker American currency. The domestic currency also gained against the euro as the EUR/INR pair was trading around 88.51 in Thursday's session.
At the interbank forex market, the rupee opened at 74.20, and hit an intra-day high of 74.16 and a low of 74.25.
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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.08 per cent to 91.72.
On Wednesday, the rupee had settled at 74.27 against the US dollar. For a couple of sessions the rupee has been trading in a range of 25 paise. Yesterday, it managed to gain 10 paise and ended near 74.27.
"It's the very quiet session for the forex market as participants waiting for Fed speakers comments and Bank of England's policy decision. Indian rupee along with other Asian currencies stayed calm and traded in small range," said Dilip Parmar, Research Analyst, HDFC Securities as quoted by PTI.
Parmar further noted that so far this month, the rupee has been the worst performing among Asian currencies, bucking the last two years of gain in June month. "The surge in crude oil price and higher broad-based dollar weighed on the rupee," he added.
(With inputs from PTI)
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