Rupee firms up for 2nd day; ends 27 paise up at 73.51 against USD

The rupee gained for the second straight day and closed 27 paise higher at 73.51 against the US dollar on Friday, supported by positive domestic equities and weak American currency.At the interbank forex market, the rupee opened at 73.62 and hit an intra-day high of 73.50 and a low of 73.76.The local unit finally settled at 73.51, registering a gain of 27 paise over its previous close.The dollar index, which gauges the greenbacks strength against a basket of six currencies, fell 0.19 per cent to 90.78.During the week, the rupee gained 58 paise against the US dollar.

The rupee gained for the second straight day and closed 27 paise higher at 73.51 against the US dollar on Friday, supported by positive domestic equities and weak American currency.

At the interbank forex market, the rupee opened at 73.62 and hit an intra-day high of 73.50 and a low of 73.76.

The local unit finally settled at 73.51, registering a gain of 27 paise over its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19 per cent to 90.78.

During the week, the rupee gained 58 paise against the US dollar. This is the second straight week of gain for the rupee.

''India rupee logged second weekly gain and closed at one-month high following weaker dollar and risk-on sentiments. Even after stronger than US economic data, Fed's dovish stance pushed greenback and US 10-year real yields lower,'' said Dilip Parmar, Research Analyst, HDFC Securities.

According to Kaynat Chainwala - Fundamental Research Analyst Currencies, Anand Rathi Shares and Stock Brokers, the Indian rupee appreciated on Friday owing to a weaker dollar ahead of key US jobs report and positive domestic equities.

''Rupee is likely to depreciate towards 74.25–74.5 as investors cautiously await release of domestic inflation, industrial production and trade balance figures due next week and second purchase for Rs 35,000 crore under the G-SAP scheduled on May 20,'' Chainwala said.

On the domestic equity market front, the BSE Sensex ended 256.71 points or 0.52 per cent higher at 49,206.47, while the broader NSE Nifty advanced 98.35 points or 0.67 per cent to 14,823.15.

Foreign institutional investors were net sellers in the capital market on Friday as they sold shares worth Rs 1,142.75 crore, as per exchange data.

Brent crude futures, the global oil benchmark, fell 0.16 per cent to USD 67.98 per barrel.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)