Rupee Wipes Initial Gains, Edges Lower To 74.88 Against Dollar

Rupee Vs Dollar Rate Today: At the interbank foreign exchangemarket, the local unit opened at 74.65 against the dollar and touched an intra day high of 74.64.

Wiping initial gains, the rupee edged lower by one paise against the US dollar on Tuesday, April 20, to settle at 74.88 amid concerns over the rising COVID-19 cases, that could impact the economic recovery in the country. At the interbank foreign exchange market, the local unit opened at 74.65 against the dollar and touched an intra day high of 74.64. It witnessed a low of 74.98. In an early trade session, the domestic unit appreciated 23 paise to 74.64 against the greenback. According to traders, the rupee closed in red as the second wave of COVID-19 weighed on investor sentiment. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.04 per cent to 91.03.  ''Sentiments a bit positive as government opens vaccination for all  18 years and above citizens. Stock markets up, Asian currencies up against dollar and European currencies also up against the dollar. RBI seems to be protecting  75.00 levels. All exporters to sell above 75.00 levels while importers to wait to buy near 74.20/30 levels,'' said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors.  According to the Health Ministry data on Tuesday, the country's total tally of COVID-19 cases has reached 1,53,21,089 with active cases surpassing the 20-lakh mark.