Categories: Business

Rupee posts biggest weekly gain in 20 months


Rupee Vs Dollar

new Delhi. The rupee has continued to strengthen against the dollar, for the third consecutive session today, the rupee has closed higher against the dollar. On Friday, the rupee gained 43 paise to close at 73.39 against the US dollar due to continued flow of foreign funds and weak dollar. This week the rupee has seen a growth of 2%, which is the fastest weekly gain recorded in any week after December 21, 2018. The rupee had closed up 2.4 per cent in the week ended 21 December 2018.

It is believed that the rupee has gained strength due to no intervention by the Reserve Bank. The Reserve Bank keeps buying dollars from state banks from time to time to control any sharp rise in the rupee. After today's gain, the rupee has reached the highest level since March 5 against the dollar, the rupee closed at 73.28 on March 5.

Talking about today's trading, the domestic currency opened without any volatility in the interbank foreign exchange market, but soon after rising, finally closed at 73.39 against the US dollar, compared to the previous closing price of 73.82 43 is more money. During the day's trading, the rupee touched an upper level of 73.29 and a low of 73.87. At the same time, the dollar index showing the position of the US dollar against the six major currencies fell 0.72 percent to 92.33. According to the latest stock market data, foreign institutional investors bought shares worth Rs 1,164.32 crore on a gross basis on Thursday.

This post was published on August 28, 2020 4:44 pm

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