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Friday
November 2020
3:11 AM IST
News Headlines
End of an era: Argentina football legend Diego Maradona dies        Greg Barclay elected ICC's Independent Chair        Have great respect for Indian bowlers but our batsmen have seen them a lot: Langer        Rupee rises 6 paise to 73.95 against US dollar in early trade        Biden seeks swift Cabinet votes, but GOP Senate stays silent        As virus cases spike, financial outlook for world's airlines dims        Nivar makes landfall, weakens into severe cyclonic storm        Senior Congress leader Ahmed Patel passes away at 71        India's COVID-19 caseload goes past 92 lakh; no. of active cases increases by 6,079        Left Govt moves ahead with projects having no central clearances: Chennithala        Kerala Cabinet decides to approach Governor to repeal new ordinance        Kerala reports 5,420 new COVID cases, 5,149 recoveries: CM        Cyclone Nivar : heavy rain lashes Chennai, suburbs, govt holiday today        UP okays ordinance against conversion for marriage, violators face up to 10 yrs in jail        Govts have to work as team to ensure vaccination drive is smooth, sustained: PM Modi        ICC nominates Kohli, Ashwin for Men''s Player of the Decade Award        Rohit, Ishant to miss first two Australia Tests, also doubtful for remaining two: BCCI source        India''s home series against England to feature four Tests instead of five        Odisha pay the penalty as Hyderabad keep first-ever clean sheet        Looking at India squad, Surya could have been there: Brian Lara        
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Business News
Rupee rises for 3rd day, up 27 paise to 74.19 per USD
 
Mumbai, Nov 18 (PTI) The rupee continued its winning run for the third session in a row on Wednesday, spurting 27 paise to settle at 74.19 against the US dollar amid unabated foreign fund inflows and a weak greenback overseas.

At the interbank forex market, the domestic unit opened at 74.49 against the US dollar and touched an intra-day high of 74.09 and a low of 74.52.

It finally closed at 74.19 against the greenback, registering a rise of 27 paise over its previous close.

The rupee had on Tuesday appreciated 16 paise to finish at 74.46.

"Indian Rupee appreciated majorly on the back of weakness in dollar. The dollar slipped as rising COVID-19 cases in the US forced local authorities to impose fresh restrictions to curb the outbreak.

"Moreover, US Federal Reserve Chair Jerome Powell warned that surge in COVID-19 cases poses risk to the economy and would require more support from Federal Reserve and Government," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent down at 92.22.

Mukadam added that the "rupee may trade in the range of 73.65 to 74.80 in next couple of sessions".

On the domestic equity market front, the 30-share BSE Sensex ended 227.34 points or 0.52 per cent higher at a record 44,180.05. The broader NSE Nifty too surged 64.05 points or 0.5 per cent to its lifetime high of 12,938.25.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 3,071.93 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.01 per cent to USD 44.19 per barrel.

"Rupee after opening on a flat note appreciated in the latter half of the session following suspected dollar inflows that hit the market. The currency is likely to extend its gains in the next couple of sessions as FIIs continue to pour in funds in the equity segment," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

Somaiya added that "in the last couple of sessions FIIs have poured in another USD 1 billion taking the total to USD 5.1 billion in this month. We expect the USD-INR (Spot) to trade lower and quote in the range of 73.90 and 74.40."

According to Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, Indian rupee extended its gains on Wednesday supported by inflows into local stocks and dollar selling by exporters.

"The RBI intervention capped downside as the dollar buying from central bank came around the rate of 74.12-74.13 during the day. However, strong selling from exporters pushed the pair towards the short-term support of 74. The pair may remain under pressure and head towards 74 mark on strong inflows and dollar supply from exporters," Vakil added.

"The Indian Rupee appreciated against the U.S. Dollar supported by foreign fund inflows into the domestic equity and debt markets. However, PSU dollar purchases, rumoured to be on behalf of the central bank, trimmed some of the gains," said Sriram Iyer, Senior Research Analyst at Reliance Securities.


Rupee rises 6 paise to 73.95 against US dollar in early trade
Rupee opens on flat note against US dollar
Petrol, diesel prices rise for third straight day
Lakshmi Vilas Bank shares tank 20 pc after getting placed under moratorium
Diesel sales fall 5 pc in Nov after reaching pre-COVID levels in Oct
COVID-19 hits shopping mall launches in the country
Iffco reduces NP fertiliser price by Rs 50 to Rs 925/bag
Asian shares mostly higher as focus shifts to virus recovery
CII urges Union Finance Ministry to explore ECLGS for supporting resource starved stressed sectors
Tata Motors drives in new Altroz trim at Rs 6.6 lakh
Saudi PIF invest Rs 9,555 crore in Reliance Retail Ventures
OPPO India launches Wall of Knowledge initative
Rupee slumps 33 paise to 74.74 against US dollar in early trade
Two footwear units of Von Wellx Germany become operational in Agra
Sensex ends 144 pts higher; financial stocks sparkle
Vistara to start flights to Bangladesh from Nov 5 under air bubble pact
Sharing best practices, knowledge among SCO members to help startups: Goyal
Cathay Pacific cuts 8,500 jobs, shutters regional airline
Asian shares rise after Wall Street gains on solid earnings
HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr
KERALA NEWS
Left Govt moves ahead with projects having no central clearances: Chennithala
 Thiruvananthapuram: Opposition leader in Kerala Assembly Ramesh Chennithala on Tuesday alleged that  
Kerala reports 5,420 new COVID cases, 5,149 recoveries: CM
Ker FM hits out at ED over reported probe against KIIFB; Opp says he has "something to hide"
Kerala adds 5,294 fresh COVID-19 cases; Active cases 65,856
INTERNATIONAL NEWS
Biden seeks swift Cabinet votes, but GOP Senate stays silent
 Washington: As President-elect Joe Biden started rolling out his administrative team, one voice has
As virus cases spike, financial outlook for world's airlines dims
Biden's first Cabinet picks expected Tuesday amid roadblocks
Hong Kong's Joshua Wong to plead guilty to protest charges
NATIONAL NEWS
Nivar makes landfall, weakens into severe cyclonic storm
 Chennai: Very severe cyclonic storm Nivar made landfall near Puducherry in the early hours of Thursd
Senior Congress leader Ahmed Patel passes away at 71
India's COVID-19 caseload goes past 92 lakh; no. of active cases increases by 6,079
Cyclone Nivar : heavy rain lashes Chennai, suburbs, govt holiday today
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