Rupee Gains To 74.93 Against Dollar Amid Easing Crude Oil Prices

Rupee Vs Dollar Rate: At the interbank foreign exchange market, the domestic unit opened weaker at 75.19, but recovered and closed 12 paise higher over its previous close of 75.05.

Paring losses from its early session, the rupee gained 12 paise against the US dollar on Thursday, April 15, to settle at 74.93 (provisional), tracking positive domestic equity markets and easing crude oil prices. At the interbank foreign exchange market, the domestic unit opened weaker at 75.19, but recovered its lost ground and closed 12 paise higher over its previous close of 75.05. Throughout the session today, the local unit registered an intra-day high of 74.92 and an intra day low of 75.33. In an early trade session, the local unit fell 17 paise to 75.22 against the greenback. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading slightly higher by 0.02 per cent to 91.69. According to forex dealers, a moderately strong dollar overseas weighed on the rupee. ''USDINR started again on a biddish note as corona cases surge beyond 200k cases per day. Though dollar index fell below 92 INR was still being offered as GDP growth forecasts are scale down. Exporters may keep positions open with a stop below 74.90 while importers should buy all dips and major dips as RBI is the only seller in the market,'' said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.  ''The rupee open lower against the U.S currency, the spot rupee was quoting at 75.2 against 75.14, March month retail inflation increased at four months high eat 5.52 per cent due to higher food and fuel prices, FII is net seller in the month of April also putting pressure on domestic currency despite of weakness in the dollar index globally. Technically resistance for USDINR spot is 75.40 levels. Support is shifted to 74.90 – 75.05 levels in coming session,'' said Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited.