Homemarket Newscurrency News

Rupee breaches 75/$ level despite FII outflows; ends higher for the week

Rupee breaches 75/$ level despite FII outflows; ends higher for the week

Rupee breaches 75/$ level despite FII outflows; ends higher for the week
Profile image

By Ankit Gohel  Jul 17, 2020 5:18 PM IST (Published)

The Indian rupee appreciated 17 paise to settle at 75.01 against the US dollar on Friday on account of upbeat domestic equity markets and weakening spot, analysts said. Amid high volatility, the rupee breached 75/$ to witness an intraday high of 74.98/$.

The Indian rupee appreciated 17 paise to settle at 75.01 against the US dollar on Friday on account of upbeat domestic equity markets and weakening spot, analysts said. Amid high volatility, the rupee breached 75/$ to witness an intraday high of 74.98/$.

Recommended Articles

View All

For the week, the rupee appreciated by 0.23 percent. Last Friday, it closed at 75.20/$.
The strength comes on the back of buying witnessed in the equity markets on better than expected corporate earnings, inflows related to Reliance Jio stake sale, Yes Bank FPO, Bharat ETF and fall in the dollar index, which gauges the greenback's strength against a basket of six currencies, analysts said.
“The traders are keeping a wary eye on China's trade relations with the United States and this caution will limit the fall in USD/INR. However, corporate dollar inflows and government fiscal stimulus package through coronavirus outbreak will keep the risk appetite intact,” said Rahul Gupta, Head of Research-Currency at Emkay Global Financial Services.
Meanwhile, foreign institutional investors (FII) have pulled out Rs 4,687.37 crore so far this month from the domestic capital market segment, as per data available on exchanges.
Gupta further adds that 75 is acting as crucial support for USD/INR and if that breaks, we can see a fall towards 74.80/74.85 with 75.50 being the resistance.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng