INSUBCONTINENT EXCLUSIVE:
Rupee edged higher by 3 paise to close at 73.57The rupee strengthened by three paise against the US dollar on Wednesday, December 9, and
settled at 73.57 (provisional), supported by heavy buying in domestic equities and foreign fund inflows
At the interbank foreign exchange market, the local unit opened at 73.58 against the dollar and registered an intra-day high of 73.49
It witnessed a low of 73.61
In an early trade session, the local unit surged by 11 paise to 73.49 against the dollar
Closing at 73.57 against the American currency, the rupee recorded a rise of three paise over its previous close
On Tuesday, December 8, the domestic unit surged by 30 paise and closed at a one-and-a-half month high of 73.60 against the
greenback.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 0.24 per
According to traders, the weakening of the American currency in the overseas market also supported the local unit."Globally, market
sentiments are improving as traders take cues from positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus
In order to thwart a deep and elongated recession, worldwide lawmakers have released a barrier of monetary and fiscal stimulus as the
coronavirus sealed international borders and also resulted in leading millions unemployed,'' said Mr
Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services.''For the coming sessions, we expect USDINR spot to trade in between
Only a consistent trading above 74.0 will push prices higher towards 74.20, with 73.50-73.25 being the strong support zone,'' he added
According to provisional exchange data, the foreign institutional investors were net buyers in the capital market as they purchased shares
worth Rs 2,909.60 crore on December 8.On the domestic equity market front, the BSE Sensex ended at 494.99 points or 1.09 per cent higher at
nearly 2 percent in the previous week
We continue to believe in the positive undertone of the markets over the medium term; for the short term there is a possibility of
Immediate support is seen at 13100 with buying on dips advisable for the near term
