July 3, 2020

Rupee jumps to 3-month high of 74.60 on strong domestic equities, weak dollar

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Indian rupee, the local currency opened at a 3-month high of 74.60 per dollar on back of positive opening in domestic equities and amid weakness in the greenback. Optimism over encouraging test results for potential COVID-19 vaccine also enthused investors.

The rupee opened at 74.60 per US dollar, registering a jump of 44 paise over its previous close of 75.01 per dollar on Thursday.

However, rising coronavirus cases across the world and continued foreign fund outflows kept the gains at check.

Foreign institutional investors were net sellers on Thursday, offloading equities worth Rs 556.72 crore, provisional exchange data showed.

A potential COVID-19 vaccine indigenously developed by the Ahmedabad-based Zydus Cadila Healthcare Ltd has got the nod from the Drugs Controller General of India (DCGI) for human clinical trials.

The approval process was fast-tracked following recommendation by the subject expert committee on COVID-19, considering the emergency and unmet medical need during the pandemic.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 97.27.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 151.64 points higher at 35,995.34 and broader NSE Nifty rose 50.60 points to 10,602.30.

Foreign institutional investors were net sellers in the capital market as they sold shares worth Rs 556.72 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.90 per cent to USD 42.75 per barrel.

Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.08 crore and the death toll has topped 5.20 lakh.

In India, the death toll due the disease rose to 18,213 and the number of infections spiked to 6,25,544, according to the health ministry.

(Edited with PTI inputs)

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