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Rupee closes flat at 73.68 against US dollar in line with muted trend in domestic equities

04:13 PM Sep 14, 2021 | FPJ Web Desk

The rupee settled flat at 73.68(provisional) against the US currency on Tuesday in tandem with the muted trend in domestic equities.

At the interbank foreign exchange market, the local currency opened at 73.62 and witnessed a low of 73.70 and an intra-day high of 73.57 in the day trade.

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The domestic unit finally settled at 73.68 against the greenback, unchanged from its previous close.

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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent down at 92.61.

Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd., said, "The spot rupee closed flat near 73.68 levels against the dollar. Foreign Portfolio inflows offset the demand from dollars from state run banks. However, with US Dollar Index trading flat but oil prices ticking up, USDINR may continue to see bid at lower levels. Over the near term, we expect a range between 73.45-73.90 on spot."

Brent crude futures, the global oil benchmark, rose 0.67 per cent to $74 per barrel.

On the domestic equity market front, the BSE Sensex ended 69.33 points or 0.12 per cent higher at 58,247.09, while the broader NSE Nifty advanced 24.70 points or 0.14 per cent to 17,380.00.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 1,419.31 crore, as per exchange data.

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