Recovering From Early Losses, Rupee Gains To 73.04 Against Dollar

Rupee Vs Dollar: The domestic unit settled at 73.04 against the dollar

Recovering from early losses and continuing its winning streak for the third straight day, the rupee gained 11 paise against the US dollar on Thursday, January 14, and settled at 73.04 (provisional), supported sustained foreign fund inflows and weak American currency. At the interbank foreign exchange market, the domestic unit opened at 73.18 and registered an intra-day high of 72.97. It witnessed a low of 73.18. In an early trade session today, the local unit slipped three paise to 73.18 against the greenback. The rupee closed at 73.04, higher by 11 paise over its previous close. On Wednesday, January 13, the domestic unit had settled at 73.15 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.11 per cent to 90.26. According to provisional exchange data, the foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,879.06 crore on a net basis on January 13.

On the domestic equity market front, the BSE Sensex ended 91.84 points or 0.19 per cent higher at 49,584.16, while the broader NSE Nifty advanced 30.75 points or 0.21 per cent to 14,595.60.  “It was a range-bound session for the market. Weekly expiration of options contracts and mixed activity in the global markets kept traders in the indecisive mode for the day. Following the candlestick indecisive pattern it would keep the market in a broader trading range between 14400/49100 and 14700/49900 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

”One needs to be stock specific until the market does not cross the upside barrier. Above 14,700/49900, the Nifty/Sensex would reach the 15000/50500 levels. The Bank-Nifty also survived well above the psychological barrier point of 32500, which is positive for it and could reach 33200 in the near term,” he added.

Brent crude futures, the global oil benchmark, fell 0.21 per cent to $ 55.94 per barrel.