Rupee Gains To 74.36 Against Dollar Amid Strong Rally In Domestic Equities

Rupee Vs Dollar Today: At the interbank foreign exchange market, the domestic unit opened at 74.49 against the American currency and registered an intra-day high of 74.29.

The rupee gained 30 paise against the US dollar on Wednesday, April 28, to settle at 74.36 (provisional), extending its gains for the third straight session tracking a strong rally today in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 74.49 against the American currency and registered an intra-day high of 74.29. It witnessed a low of 74.50. In an early trade session, the local unit gained 21 paise to 74.45 against the greenback. The rupee closed at 74.36 against the dollar, recording a gain of 30 paise over its previous closing. On Tuesday, April 27, the local unit settled at 74.66 against the dollar. Today, the rupee registered its third straight session of gain, appreciating by 65 paise. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, climbed 0.14 per cent to 91.03. "It is an eventful day, with Fed policy and Biden's session of Congress. Ahead of both these events, dollar index is showing tentative signs of recovering, however, FII inflows into local stocks are weighing on USDINR spot,'' said Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.  ''Technically, USDINR spot has formed a descending channel, and if tonight's Fed message isn't as hawkish as the market is expecting then we may see a further drop in spot. 74.25 is the immediate support, until the spot remains afloat we may see prices moving towards 75 zone amid a severe covid situation,'' he added.