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Tuesday, July 7, 2020

Rupee rises against US dollar, back near 76 per USD

Strong domestic equity market and foreign fund inflows boosted the rupee.But analysts say gains are likely to capped
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The Indian rupee today appreciated against the US dollar today, tracking gains in the domestic equity market and foreign fund inflows. The rupee rose as much as 76.07 against the US dollar at day’s high and so far in the day traded in the range of 76.07 to 76.18 per USD against the US dollar. In comparison, rupee had closed at 76.19 in the previous session.

Analysts said that rupee’s gains were however capped due to rising crude prices and a fresh spike in coronavirus cases.

Meanwhile, the equity benchmark Sensex was 200 points higher in noon trade while Nifty held firm above 11,300.

Foreign institutional investors were net buyers in the capital market as they bought shares worth 1,237 crore on Friday, according to provisional exchange data.

“RBI’s forex reserves rose another $6 billion in the week ended June 12th to a record $507.5 billion. A huge reserve buffer alters the structural dynamics in the rupee and gives the RBI greater power to influence rupee price action, it’s relative valuation and volatility should it so decide. We expect the RBI to continue absorbing inflows, accumulating reserves and strengthening it’s balance sheet. Inflows related to strategic investments by foreign investors in Jio and month-end exporter selling could cap up side in USD-INR this week. However, continuing reserve accumulation by the central bank should limit downside as well,” said Abhishek Goenka, founder and CEO of IFA Global.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14% to 97.442.

Brent crude futures, the global oil benchmark, rose 0.19% to $42.27 per barrel.

India’s COVID-19 death toll rose to 13,699, cases climbed to 4,25,282 with 445 new fatalities and 14,821 fresh infections, according to the health ministry. (With Agency Inputs)

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