Indian rupee extended the early gains and trading near the day’s high level at 74.52 per dollar, amid buying seen in the domestic equity market
It opened higher by 13 paise at 74.79 per dollar against Thursday’s close of 74.92.
The Sensex was up 223.43 points or 0.46% at 49027.11, and the Nifty was up 102 points or 0.70% at 14683.50.
“Rupee saw volatile session as the financial equity markets too, were in first half bears had the upper hand inequities, and the rupee was weak in tandem, but later half rupee strengthens due to buying interests in banking and equities, helping rupee scale towards 75.00 after touching 75.35 in the morning session. Going ahead rupee can be seen in a range of 74.70-75.30,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.
The dollar headed for its worst back-to-back weekly drop this year amid a continued retreat in Treasury yields from more-than-one-year highs as investors increasingly bought into the Federal Reserve’s insistence of continued monetary support.