Rupee rises for 3rd day in a row, up 15 paise at 72.45 against USD

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Mumbai, May 28 (PTI) The Indian rupee clocked its third straight session of gains on Friday, firming up by another 15 paise to end the session at 72.45 against the US dollar amidst improved risk-on sentiments.

At the interbank forex market, the local unit opened at 72.46 against the greenback and witnessed an intra-day high of 72.31 and a low of 72.49 during the session.

It finally ended at 72.45 against the American currency, registering a rise of 15 paise over its previous close.

In the last three trading sessions, the rupee has appreciated by 51 paise.

During the week, the Indian currency gained 38 paise against the US dollar.

'Rupee appreciated for the fifth week in a row following weaker dollar index and rebound in risk on sentiments. Market participants are pricing in fiscal stimulus from government along with dovish stance from RBI when they meet for monetary policy decision on June 4,' said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further noted that 'though the bias for rupee remains on bullish side, we expect profit booking near 72 odd levels as historically it has taken stiff resistance near that level. In near term, spot USD/INR could trade in the range of 72 to 73.30'.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 90.09.

Brent crude futures, the global oil benchmark, advanced 0.30 per cent to USD 69.67 per barrel.

On the domestic equity market front, the BSE Sensex ended 307.66 points or 0.60 per cent higher at 51,422.88, while the broader NSE Nifty advanced 97.80 points or 0.64 per cent to 15,435.65.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 660.90 crore, as per exchange data. PTI DRR MKJ