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Rupee gains 33 paise Vs dollar in early trade

June 03
11:08 2020

Indian rupee gained in the early trade on Wednesday. It opened 33 paise higher at 75.03 per dollar against previous close of 75.36.

On June 2 rupee ended higher by 18 paise at 75.36 per dollar.

At 10:03 IST, the Sensex was up 328.75 points or 0.97% at 34154.28, and the Nifty was up 104.40 points or 1.05% at 10083.50.

The dollar-rupee contract on the NSE was at 75.35 in the last session. The open interest remained almost flat in the last session for June series. Fresh Open Interest addition was seen in July, said ICICIdirect.

The Dollar index is trading below its key level of 98 as risk on rally is visible across asset classes. We believe current momentum may continue till it remains below 98 level, it added.

Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic.</p><p>Brent crude <LCOc1> was up 22 cents, or 0.6%, at $ 39.79, by 0003 GMT, the highest since March 6, having gained 3.3% on Tuesday.

“Sharp upswing in global as well as domestic equities has worked to fuel significant upside in the Indian rupee. Sentiments have got a boost on gradual unlocking of the domestic economy and as President Trump has not pulled of the Phase I trade deal with China signed in January,” said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.

“Market are now pinning their hopes on global recovery and shrugging off concerns about the deepening rift between US and China and the damaging effect of the virus on the global economy. Decline in greenback is further aiding appreciation in rupee. As of now, near term bias for the local unit is positive, where it can edge higher towards 74.80 mark,” she added.

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