Published on 14/05/2021 3:57:31 PM | Source: Accord Fintech

Rupee appreciates against dollar

Posted in Currency Top News| #Rupee #US dollar #Currency News

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Indian rupee ended significantly higher against dollar on Friday as banks and exporters continued to sell the US currency amid persistent capital inflows. Sentiments were upbeat as private report stated that the value of foreign portfolio investors' (FPI) holdings in domestic equities reached $552 billion in three months to March 2021, a surge of 7 per cent from the preceding quarter. This was largely on the back of robust net inflows from FPIs, coupled with a strong performance of the Indian equity markets. Some support also came as IIP entered into positive territory and witnessed a growth of 22.4 per cent in March, mainly due to the low-base effect and good show by manufacturing, mining and power sectors. On the global front, dollar edged lower against major currencies on Friday as risk appetite recovered across markets, after Federal Reserve officials helped calm jitters this week about accelerating U.S. inflation.

Finally, the rupee ended 73.29, stronger by 13 paise from its previous close of 73.42 on Wednesday. The currency touched a high and low of 73.41 and 73.22 respectively.