Indian rupee ends at $72.83

23 May, 2021 12:00 AM printer

NEW DELHI: Indian rupee has ended at the day’s high at 72.83 per dollar, amid buying seen in the domestic equity market.

It opened higher at 72.97 per dollar against previous close of 73.10 and traded in the range of 72.83-73.08, report agencies.

At close, the Sensex was up 975.62 points or 1.97 per cent at 50,540.48, and the Nifty was up 269.30 points or 1.81 per cent at 15,175.30.

The positive sentiment in the domestic currency is influenced by a rally in global markets and the dollar’s weakness against the major currencies, which should limit downsides. It could retrace towards 73.00 levels, said ICICI Direct.

The dollar-rupee May contract on the NSE was at Rs 73.17 in the last session. The open interest fell almost 2.8 per cent for the May series, it added.

The dollar was pinned near milestone lows on Friday, and headed for a weekly loss, as traders’ initial concerns at taper talk in Federal Reserve minutes ebbed - with actual tapering seeming distant - while pandemic recovery boosted other currencies.

Gold edged lower on Friday, as optimism around a swift economic recovery lifted appeal for riskier assets, although a weaker dollar and growing inflationary pressure limited losses and kept bullion on track for a third straight weekly rise.

Oil prices edged up on Friday, taking a breather after three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal.