INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar: The rupee gained to as high as 75.65 against the dollar during the sessionRupee Vs Dollar Today: The rupee strengthened by
37 paise - or 0.49 per cent - against the US dollar on Tuesday to return to 75 levels
It moved in a range of 75.65-75.89 against the greenback during the four-hour session, having started the day stronger at 75.85 compared to
its previous close of 76.02
Sustained foreign fund inflows, rising domestic equities and easing oil rates lifted investors' confidence in the forex markets, according
to analysts. Domestic stock markets rose more than 1 per cent on Tuesday, extending gains a day after benchmark Nifty 50 index scaled a
Buying across sectors, led by financial, consumer goods and metal stocks, supported the markets.The dollar index - which gauges the
greenback's performance against six currencies - was last seen trading down 0.23 per cent, having declined as much as 0.28 per cent
earlier."As the rupee is majorly impacted by global cues than the domestic, it is likely that the pair shall retrace back near 75.60-75.70
levels," said Amit Pabari, managing director at forex advisory firm CR Forex."A failure of sustenance above 76.20 yet again confirms that
the depreciation in the pair shall be limited and the RBI is comfortable to keep rupee in range of 75.00-76.20 levels as witnessed," he
said.Meanwhile, international crude oil prices steadied on Tuesday after a volatile session sparked by confusion over the status of the
US-China trade deal.Brent crude futures - the global benchmark for crude oil - were last seen trading 0.20 per cent lower at $42.98 per
barrel, having earlier skidded to as low as $42.21 per barrel. Markets were spooked by surprise comments from White House trade adviser
Peter Navarro saying the hard-won deal was "over", though assurances from US President Donald Trump later that the agreement was fully
intact soothed jangled nerves.Currency markets currently operate within reduced trading hours due to the coronavirus-induced lockdown
The temporary timings are from 10 am to 2 pm, instead of the normal timings of 9 am to 5 pm.At Monday's close, the rupee is down 6.53 per
cent against the US currency so far this year.
