Rupee snaps 4-day losing run, ends marginally up at 74.62 vs USD

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Mumbai, Nov 13 (PTI) The rupee halted its four-session losing streak on Friday, settling with a marginal 2 paise gain at 74.62 to the US dollar, as stronger Asian peers against the greenback lent support to the domestic unit.

Forex traders, however, said that importers and banks' demand for the greenback continued to exert pressure on the Indian currency.

At the interbank forex market, the rupee opened at 74.63 a dollar and witnessed an intra-day high of 74.47 and a low of 74.71.

The local unit finally closed at 74.62 against the American currency, registering a rise of 2 paise over its previous close.

On weekly basis, the rupee lost 54 paise or 0.72 per cent.

'The rupee ended flat on Friday, however, for the week the currency depreciated against the US dollar amid persistent dollar purchases from state-run banks, likely on behalf of the central bank,' said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Iyer further said that most Asian currencies were stronger against the US dollar and lent support this Friday.

'However, risk appetite waned as a gloomy global economic outlook dampened sentiment due to rising COVID-19 infections in the US and Europe and kept appreciation bias limited,' he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.15 per cent to 92.82.

On the domestic equity market front, the BSE Sensex ended 85.81 points or 0.20 per cent higher at 43,443, while the broader NSE Nifty rose 29.15 points or 0.23 per cent to 12,719.95.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,935.92 crore on a net basis on Friday, according to exchange data.

Brent crude futures, the global oil benchmark, fell 0.60 per cent to USD 43.27 per barrel. PTI DRR MKJ