INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar: The rupee moved in a range of 75.59-75.73 against the dollar during the sessionRupee Vs Dollar Today: The rupee edged
higher to 75.59 against the US dollar on Wednesday, rising for a third session in a row
It moved in a range of 75.59-75.73 against the greenback during the four-hour session, having started the day mildly stronger at 75.60
compared to its previous close of 75.64
Weakness in the dollar overseas and foreign fund inflows supported the rupee, say analysts
At Tuesday's close, the rupee is down 6 per cent against the US currency so far this year.Domestic stock markets moved higher in choppy
trade, with benchmark indices S-P BSE Sensex and NSE Nifty 50 each rising as much as 0.78 per cent before turning flat in early afternoon
deals. The dollar index - which gauges the greenback's performance against six currencies - declined as much as 0.10 per cent on
Tuesday.Analysts expected the rupee to continue to trade within a range in the near term amid strength in other Asian currencies."Foreign
portfolio investors have invested net $3 billion in domestic equities and sold $500 million of domestic bonds in June so far
This is the fourth successive month of outflows from the bond market," said Abhishek Goenka, founder and CEO of forex advisory firm IFA
Global."The USD-INR pair is likely to trade in a 75.40-75.75 range intraday," he said.Meanwhile, international oil prices dropped on
Wednesday, extending losses from the previous day, as a more-than-expected rise in US crude stockpiles added to worries about
oversupply.Brent crude futures - the global benchmark for crude oil - were last seen trading down 0.70 per cent at $42.34 per
barrel.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.
