Rupee snaps 6-day losing run, ends 12 paise higher at 74.93

MUMBAI: The rupee recouped its early losses to close higher by 12 paise at 74.93 against the dollar on Thursday, snapping its six-session losing streak on the back of gains in the domestic equity market and easing crude oil prices.

Reports of RBI intervention and the US dollar falling to a 4-week low supported the local currency, analysts said.

At the interbank forex market, the rupee opened weak at 75.19, but recovered lost ground and finished 12 paise higher over its previous close of 75.05. During the trading session, the domestic unit witnessed an intra-day high of 74.92 and a low of 75.33.

Forex markets were closed on Tuesday and Wednesday for holidays.The rupee logged its first gain since March 31.

In the six sessions to Monday, the rupee had lost over 2.6 per cent or 193 paise due to concerns over rising coronavirus cases and fears of lockdown measures.

“The Indian Rupee appreciated for the first time in seven sessions against the US dollar as talks of RBI’s intervention in the spot markets outweighed fears over the economic shock of rising COVID-19 infections,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said. Meanwhile, some support also came in the form of falling Greenback. The US dollar fell to a 4-week low against other major currencies on Thursday.