Rupee Gains To 73.85 Against Dollar As Traders Trim Dollar Long Positions

Rupee Vs Dollar Today: At the interbank forex market, the domestic unit opened at 73.83 and registered an intra-day high of 73.76.

The rupee rose for the second consecutive day gaining 10 paise against the US dollar on Tuesday, May 4, to settle at 73.85 amid dollar selling by traders. Also, high crude oil prices and losses in domestic equities restricted the gain for local unit today. At the interbank forex market, the domestic unit opened at 73.83 and registered an intra-day high of 73.76. It witnessed a low of 73.97. In an early trade session, the local unit gained 13 paise to 73.82 against the greenback. On Monday, May 3, the local unit settled at 73.95 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.42 per cent to 91.33. ''The USD/INR pair started the day slightly higher at 73.87, up 17 paisa against USD from Monday's close. The currency pair fell sharply from a high of 75.32 made on 22-4-2021 and fresh low 73.87 today, despite regular covid cases crossing the 3,00,000 mark for the 10th consecutive day,'' said Kshitij Purohit, Lead International Products & Commodities at CapitalVia Global Research Limited. ''An increase in the rupee exchange rate above the 74.00 level will be unsustainable in the current situation, and a swift recovery to the 74.50 plus level is expected in the coming sessions,'' added Mr Purohit.