Rupee Continues Winning Streak For 4th Session; Settles Higher To 73 Against Dollar

Rupee Vs Dollar Rate Today: At the interbank foreign exchange market, the domestic unit opened at 73.26 against the dollar and swung between 72.99 to 73.29 during the trading session.

The rupee continued its winning streak for the fourth straight session and gained 29 paise against the US dollar on Tuesday, August 31, to settle at 73 (provisional), tracking a bullish trend in domestic equities and sustained foreign fund inflows. At the interbank foreign exchange market, the domestic unit opened at 73.26 against the dollar and swung between 72.99 to 73.29 during the trading session. In an early trade session, the local unit rose four paise to 73.25 against the greenback. The rupee gained momentum later and settled at 73 - its highest level since June 11, and greater by 29 paise against its previous close.The rupee has moved higher by 124 paise against the dollar in four straight sessions to Tuesday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading down 0.12 at 92.54. Mr Amit Pabari, MD, CR Forex:''Today, the focus will be on Q1 FY 22 GDP data, which is expected to rise by 21 per cent YoY, albeit due to low base effect and could not be impactful for the market. The rising equities amid weak FII investment and a jump in COVID cases could be negatives for the rupee in the near term. The 1/- fall in the USDINR pair over the last two trading sessions doesn't justify any shift in fundamentals. It is just that RBI had let the market react on a free-float basis. This could be an opportunity for them to make a comeback and pile up their reserves to increase their hedges against hot inflows.''