Mumbai, Feb 15: The rupee snapped its four-day losing streak to close 29 paise higher at 75.31 (provisional) against the US dollar on Tuesday, tracking a recovery in domestic equities and weakness of the American currency overseas.
At the interbank forex market, the local unit opened on a weak note at 75.60 against the greenback and witnessed an intra-day high of 75.31 and a low of 75.72. It finally settled at 75.31, a rise of 29 paise over its previous close.
On Monday, the rupee had slumped by 24 paise to close at an over nine-week low of 75.60.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.37 per cent to 96.01.
However, the surge in the rupee was restricted amid elevated crude oil prices and geopolitical tensions, traders said.
On the domestic equity market front, the BSE Sensex ended 1,736.21 points or 3.08 per cent higher at 58,142.05, while the broader NSE Nifty jumped 509.65 points or 3.03 per cent to 17,352.45.
Brent crude futures, the global oil benchmark, was trading 2.76 per cent lower at USD 93.82 per barrel.
Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 4,253.70 crore, as per stock exchange data.
On the domestic macroeconomic front, the retail inflation rate breached the 6 per cent upper tolerance limit of the RBI for the first time in seven months in January, while the wholesale price index stayed in double-digits for the 10th month in a row. (AGENCIES)
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Sensex zooms over 1,700 pts to reclaim 58K-level; Nifty above 17K
Mumbai, Feb 15:
The BSE gauge Sensex zoomed past the 58,000-mark by rebounding over 1,700 points and the Nifty recaptured the 17,000-level on Tuesday after a massive plunge in the previous session.
The 30-share Sensex surged 1,736.21 points or 3.08 per cent to end at 58,142.05 – recouping the losses suffered on Monday. Likewise, the NSE Nifty soared 509.65 points or 3.03 per cent to settle at 17,352.45.
On the Sensex chart, all 30 shares closed with gains — with Bajaj Finance, SBI, Bajaj FinServ, L&T and Titan rising as much as 5.13 per cent.
“As the street went into trade today after yesterday’s biggest single-day fall in the last ten months, investors were left thinking whether the template has indeed changed. A confluence of headwinds is now weighing on the minds of investors even as we had a massive pull back rally today led by autos, banks, IT and FMCG,” said S Ranganathan, Head of Research at LKP Securities.
The narrative for the day, however, was the fact that investors used the correction to their advantage, thereby triggering short covering amid encouraging export data for the month of January, he added.
Elsewhere in Asia, bourses closed with losses on fears of a potential Russian invasion of Ukraine. The US administration has warned Russia of severe consequences in case its forces attack Ukraine.
Global crude oil benchmark Brent Futures fell 2.44 per cent to USD 94.13 per barrel on Tuesday.
Foreign institutional investors (FIIs) were net sellers in the capital market on Monday, as they offloaded shares worth Rs 4,253.70 crore, according to stock exchange data. (AGENCIES)
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