The Indian rupee closed flat against the US dollar today, ending at 75.20 per US dollar as compared to the previous close of 75.21. Forex traders said positive domestic equities and weak US currency supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment. Today rupee traded in a narrow range of 75.08 to 75.22.
‘Rupee traded in a very tight muted range between 75.20-75.10 as market participant await OPEC+ Oil supply decisions in coming days. FII’s funds were also neutral as equity markets traded higher in the morning but gave away some gains,’ said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
However, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.11 per cent to 96.50. The 30-share BSE benchmark Sensex ended higher today but off day’s highs. Foreign institutional investors were net sellers in the capital end market as they sold shares worth Rs 1,031 crore on Friday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 0.72 per cent to USD 42.93 per barrel.
The number of cases around the world linked to the disease has crossed 1.28 crore and the death toll has topped 5.68 lakh.