Rupee vs Dollar Today: The rupee ended on a volatile high of $ 73.52 on Wednesday before the US central bank issued a policy statement after a two-day meeting. During the four-hour session, trading ranged between 73.47 and 73.77, a wide range of 30 paise, before settling at a gain of 12 paise – or 0.16 per cent for the day. At the start of Wednesday’s session, the rupee weakened marginally to 73.69 from the previous level of 73.69. Analysts say any sign of an increase in bond purchases could boost the markets.
Domestic stock markets closed for the second consecutive day. The Sensex and Nifty are raising their highest closing levels since August 28. The Sensex index closed up 0.66 percent at 39,302.85 and closed at 11,604.55 after closing the Nifty benchmark. Points – or 0.72 percent – from their previous close.
In most Asian currencies against the dollar, the rupee supported Wednesday. The Dollar Index – which estimates the US currency against the euro, sterling, yen and three other currencies – last traded 0.20 percent lower than previously, declining 0.29 percent.
The Japanese yen was last seen at 0.48 percent higher against the US currency, while the Chinese yuan was up 0.31 percent and the Singapore dollar was up 0.22 percent.
Thai Baht, Indonesian Rupiah and South Korean won were 0.33 percent, 0.01 percent and 0.22 percent at the time.
Amit Pabari, managing director of forex advisory firm CR Forex, said, “The rupee may tilt slightly towards the weak side in the coming sessions. Also, buying under pressure from importers and state-run companies is leading to a subsequent move.”
“However, as long as the (USD-INR) pair trades below 74.50 and there is no further growth on the geopolitical front, depreciation, if any, in the pair will be limited to 74.50.”
Meanwhile, crude oil prices rose for a second straight day, as the storm shut down US offshore oil and gas production. Brent crude futures – the global benchmark for crude oil – jumped 2.69 percent to $ 41.62 a barrel.
At current levels, the rupee is down 3.01 percent against the dollar so far this year. However, it has decreased by 4.41 percent from the all-time low of 76.91 registered in April.