Rupee gains for 2nd straight day; settles 10 paise higher at 73.85 against dollar

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Mumbai, May 4 (PTI) The rupee gained for the second straight day and closed 10 paise higher at 73.85 (provisional) against the US dollar on Tuesday.

At the interbank forex market, the rupee opened at 73.83, and hit an intra-day high of 73.76 and a low of 73.97. On Monday, the rupee had settled at 73.95 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.42 per cent to 91.33.

'Rupee traded strong as capital markets witnessed some sell-off. There is some support to USDINR at lower levels near 73.80 as crude prices hold rates that can keep prices on rupee resistance beyond 73.75. Going ahead rupee can be seen in a range of 73.75-74.25,' said Jateen Trivedi, Senior Research Analyst at LKP Securities.

On the domestic equity market front, the BSE Sensex ended 465.01 points or 0.95 per cent lower at 48,253.51, while the broader NSE Nifty declined 137.65 points or 0.94 per cent to 14,496.50.

Foreign institutional investors were net sellers in the capital market on Monday as they sold shares worth Rs 2,289.46 crore, as per exchange data.

Brent crude futures, the global oil benchmark, rose 1.81 per cent to USD 68.78 per barrel. PTI DRR MR MR