Rupee Increased to 73.29 Against the Dollar

According to the latest news on Thursday, October 15, the Indian rupee increased sharply. It settled at 73.29 against the United States dollar. The rise occurred between gains across Asian currencies and last-hour rally In domestic equity markets. Significantly, the Indian rupee moved in a range of 18 paise against the U.S. dollar. It fell between 73.28 and 73.46. Thus, having begun the day nearly unchanged at 73.35 from its previous close of 73.34. It is essential to mention that the Indian rupee finished the session with a gain of five paise against the U.S. greenback.

An afternoon return in domestic stock markets helped equity benchmarks. S&P, a stock market index that measures 500 large companies’ stock performance listed on stock exchanges in the United States, BSE Sensex,  a free-float market-weighted stock market index of 30 well-established companies and NSE Nifty 50, a benchmark Indian stock market index representing the weighted average of 50 of the largest Indian companies, extend a rally for the tenth straight session.

The NSE Nifty 50 increased by 0.31 percent and settled at 11,971.05. While the BSE Sensex boosted 0.42 percent at touched 40,794.74.

The dollar index gained 0.06%

The dollar index last traded at 0.06 percent. Significantly, the dollar index measures the U.S. dollar against six other currencies.

Except for that, Crude oil prices increased after data showed U.S. crude stockpiles dropped last week, as the OPEC (Organization of the Petroleum Exporting Countries) and its allies were seen fully complying in September with their pact to control output.

Brent crude futures – the global benchmark for crude oil – increased by 0.09 percent in the previous session. It traded at $42.49 per barrel.

According to the Head of Research at Emkay Global Financial Services, Rahul Gupta, the market sentiments have been traveling with the idea that a new U.S. stimulus is coming. However, the suspension is implying that it may roll out after the U.S. election. Besides that, the halt in Coronavirus vaccine tests calibrates that the race for a vaccine is bumpy. So, we cannot hope for a swift global economic revival.

Rahul Gupta, the head of research-currency at Emkay Global Financial Services, also added that the USD-INR spot is trading sideways between 73 and 73.60, and we may see it to resume being in this range.

It is essential to mention that the rupee has rebounded 4.71 percent from an all-time low of 76.91.