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Rupee spurts 12 paise to 73 against US dollar on easing crude prices

Wednesday, November 07, 2018

The rupee rebounded by 12 paise to end at 73 per US dollar yesterday on increased selling of the greenback by exporters and softening crude oil prices.
Globally, the dollar edged up even as investor sentiment remained cautious amid the US midterm elections.

At the Interbank Foreign Exchange (forex) market, the rupee opened on a firm note at 72.98 from Monday's close of 73.12. It gained further ground to hit a high of 72.90, driven by dollar selling by exporters.

The local unit, however, pared the initial gains and finally settled the day at 73 to the US dollar, up 12 paise. The rupee had plunged 67 paise to close at 73.12 Monday. "Ahead of the US mid-term elections, ICE Dollar Index has been trading flat at 96.45. Dollar dipped against the euro and sterling, but made up ground on the Japanese yen as traders kept their options open after the US currency's bumper year so far," said V K Sharma, Head PCG and Capital Markets Group, HDFC Securities.

Forex dealers said bullish trend in the equity market as well as easing crude oil prices supported the rupee's upward movement. Globally, Brent crude, the international benchmark, was trading 0.67% lower at USD 72.68 per barrel.

"Oil prices declined after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market's focus to worries that an economic slowdown may curb fuel demand. Brent crude has been sustaining below USD 73 a barrel," Sharma said.

Foreign funds pulled out Rs 499.71 crore from the capital markets on a net basis yesterday, while domestic institutional investors bought shares worth Rs 118.69 crore, provisional data showed.

Meanwhile, the benchmark BSE Sensex gained 40.99 points or 0.12% and settled at 34,991.91 yesterday. The wide-based Nifty ended the day at 10,530, higher by 6 points.

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