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Indian rupee settles at 75.26 against USD

  • Staff Correspondent
  • 17 October, 2021 12:00 AM
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The rupee gained 11 paise to close at 75.26 against the US dollar on Thursday as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment.

Besides, fresh foreign capital inflows also helped the domestic unit post gains for a second straight day, forex traders said, report agencies.

However, surging crude prices in the international market restricted the rupee’s gain, they added.

“Indian rupee appreciated for the second day as domestic equities continue to rally along with foreign fund inflows. Profit booking in dollar against major trading currencies after FOMC meeting minutes supported the rupee,” Dilip Parmar, Research Analyst, HDFC Securities, said.

Near term focus will remain on crude oil, dollar index and the US Treasury yields while the medium-term trend remains bearish for the rupee, he added.

At the interbank forex market, the local unit opened strong at 75.27 against the greenback, and moved in a range of 75.20 to 75.37 in the day trade.

It finally ended at 75.26 against the American currency, registering a rise of 11 paise over its previous close.

On Wednesday, the rupee had settled at 75.37 against the US dollar.