Rupee strengthens to 74.44/$ amid weakening of dollar index

Mumbai: The Indian rupee appreciated on Monday morning amid somewhat weakening of the dollar index

Around 11.20 a.m., rupee was trading at 74.44 per dollar, appreciating 19 paise from the previous close of 74.63 per greenback.

Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors said: “Flows from Zomato IPO should start hitting the market as dollar eases after RBI strongly ensured that 74.80 is not breached on the upside. Range for the day 74.30 to 74.70. Exporters to sell near to the higher end of 74.70 while importers to buy near the lower end for near term imports.”

Kshitij Purohit, Lead International & Commodities at CapitalVia Global Research noted that while market mood remains sluggish due to concerns about a covid revival and variations, India’s recovery rate increased to 97.19 per cent on Friday.

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“The headlines expressing optimism about the India-UK free trade deal talks may also be benefiting the USD/INR values. During these maneuvers, the US dollar index (DXY) gains up bids as the US Treasury yields rise,” Purohit said.

The stock market also traded on a positive note on Monday. The BSE Sensex was trading at 52,642.79, higher by 256.6 points or 0.49 per cent from its previous close 52,386.19.

The Nifty50 on the National Stock Exchange was trading at 15,772.55, higher by 82.75 points or 0.53 per cent from its previous close.

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