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Tuesday
January 2021
3:12 PM IST
News Headlines
England beats Sri Lanka by 7 wickets in 1st test        Fourth Test: Rain forces early stumps with India at 4-0 while chasing 328 to win        Three UK partners with TCS to accelerate 5G network rollout        3 Adani Group-owned domestic airports accredited in ACI health accreditation programme        N. Korea''s parliament rubber stamps new development plans        Kremlin critic Navalny detained after landing in Moscow        'Rooting hard for you': Will departure notes end with Trump?        Tandav controversy: FIR against director, Amazon India head of content        Smiles, sanitizers welcome students as schools reopen in Delhi        COVID-19: India records lowest fatalities in eight months        Proposed tractor rally on Jan 26: It's law & order matter, says SC on plea for injunction against it        PM flags off 8 trains to boost connectivity to Statue of Unity        Fire in luggage van of running train doused in time in Kerala        Kerala logs 5,005 new COVID-19 cases, 4,408 recoveries        Farmer unions say they will go ahead with tractor march in Delhi on Republic Day        Kremlin critic Navalny departs Berlin on Moscow-bound flight        Cargo ship sinks in the Black Sea; 3 dead, 6 rescued        4th Test: Australia 21/0 at stumps, lead India by 54 runs after Sundar, Thakur fightback        NorthEast end winless streak to bag crucial points against Jamshedpur        India take tea break at 62/2, replying to Australia's 369        
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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.


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KERALA NEWS
Fire in luggage van of running train doused in time in Kerala
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INTERNATIONAL NEWS
N. Korea''s parliament rubber stamps new development plans
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NATIONAL NEWS
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