Indian Rupee Up Supported by Positive Domestic Equities

Published May 17th, 2021 - 10:00 GMT
Indian Rupee Up Supported by Positive Domestic Equities
Positive domestic trade boosts currency amid a 27-day low in Covid-19 cases. (Shutterstock)

The Indian rupee inched higher by five paise to 73.24 against the US dollar (19.95 versus UAE dirham) in early trade on Monday supported by positive domestic equities.

On Friday, the rupee had closed at 73.29 against the US dollar (19.97 against UAE dirham).

Speculators increased their bets against the dollar last week, mostly by adding to bets on the euro and to a lesser extent sterling as Britain and Europe head toward recovery.

The rupee started this Monday on a flat note against the dollar as the greenback has started on a slightly positive note this week after weakening last week, Reliance Securities said in a research note.

Most of the Asian currencies are trading weaker against the dollar and could cap the appreciation bias, the note added.

On the domestic equity market front, the 30-share BSE Sensex was trading 418.4 points or 0.86 per cent higher at 49,150.95. Similarly, the broader 50-share NSE Nifty advanced 110.25 points or 0.75 per cent to 14,788.05.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.10 per cent at 90.40.

India’s Covid-19 tally mounted to 24,965,463 on Monday with 281,386 fresh Covid-19 cases -- the lowest in 27 days -- while the death toll climbed to 2,74,390 with 4,106 fatalities, according to the date from the Union Ministry of Health & Family Welfare (MoH&FW).

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