Rupee Snaps Losing Streak, Settles Higher To 72.91 Against Dollar

Rupee Vs Dollar Rate: The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 89.94.

Snapping its three-day losing streak and erasing its early losses, the rupee edged higher by 18 paise against the US dollar on Thursday, June 3, to settle at 72.91 (provisional) tracking positive domestic equities. At the interbank foreign exchange market, the domestic unit opened on a weak note at 73.17 against the dollar and registered an intra-day high of 72.90. It witnessed a low of 73.18. In an early trade session, the local unit declined nine paise to 73.18 against the greenback.  The domestic currency closed at 72.91, registering a rise of 18 paise over its previous closing. On Wednesday, June 2, the local unit settled at 73.09 against the greenback. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 89.94. According to forex traders, market participants remained vigilant ahead of Reserve Bank of India (RBI) monetary policy meeting outcome scheduled to be held on June 4. ''MSCI rebalancing buying yesterday was seen after which an MNC bank sold USDINR taking it down all the way to 73.02. Lot of receiving in forward swaps by the central bank bringing the yields down by about 40 basis. Major European currencies are still in a range while stock markets are up. Asian currencies slightly weak. Importers to take a back seat for now and wait for 72.65 while exporters may sell near to 73.3,'' said Mr. Anil Kumar Bhansali, Head of Treasury - Finrex Treasury Advisors.