Rupee rises for 9th day in a row against US dollar, jumps to 1-month high - Mint

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The Indian rupee today jumped sharply today against the US dollar, extending gains to the ninth straight session. The rupee today rose 35 paise to close at a one-month high of 74.66, tracking positive domestic equities and a weak greenback in the overseas market. At the interbank forex market, the local unit opened at 74.92 against the greenback and witnessed an intra-day high of 74.60 and a low of 74.95. 

"In the last few sessions, movement in the rupee has been led by RBI intervention and weakness in the dollar index. Most market participants have been on the sidelines on account of Christmas and New Year holidays suggests that the move has been on the back of thin volumes," Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

"This week, on the global front, no major economic data is expected to be released and on the domestic front focus will be on the fiscal number. We expect the USD-INR (Spot) to quote in the range of 74.40 and 75.20," he added. 

Over the last nine sessions, the domestic currency has gained 162 paise against the greenback.

"Rupee traded strong tracking weak greenback in overseas market. Rupee has been rising mainly on back of strength in capital market since past couple of days. Rupee can be seen in range of 74.45-74.90," said Jateen Trivedi, Senior Research Analyst at LKP Securities.

Meanwhile, the dollar index, which measures the greenback's strength against the basket of six currencies, fell 0.08 per cent to 96.02. Brent crude futures, the global oil benchmark, rose 0.57% to $79.05 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth ₹1,038.25 crore, as per stock exchange data. (With Agency Inputs)

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