Rupee rises by 17 paise to over 7-week high

Mumbai: The rupee rose by 17 paise to close at a seven-week high of 73.05 against the US dollar on Tuesday, extending its gaining streak to the third straight session on positive domestic equities and weakening of the American currency in the overseas markets.
At the interbank forex market, the rupee opened at 73.18 and hit an intra-day high of 72.95 and a low of 73.18 during the session.
“Rupee gained for the third day in row to the highest in almost seven weeks as dollar drifted lower while equities roared after daily virus cases started declining,” said Dilip Parmar, Research Analyst, HDFC Securities.
However, sharp gains were prevented on surge in crude oil prices, continued FII outflows, traders said.
The local unit settled at 73.05, the highest closing level since March 26. On Monday, the rupee had closed at 73.22 against the US dollar. The domestic unit has appreciated 37 paise in the trading sessions to Tuesday.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.40 per cent to 89.80. —PTI

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