The rupee appreciated 11 paise to settle at 74.16 (provisional) against the US dollar on Friday (November 20) supported by a positive opening in the domestic equities and weakness in the American currency. At the interbank forex market, the domestic unit opened at 74.15 against the dollar, registering a rise of 12 paise over its previous close. It touched an intra-day high of 74.09 and a low of 74.21. On Thursday, November 19, the rupee settled at 74.27 against the dollar. According to traders, foreign fund inflows into the domestic equity markets also helped the local unit.
“The rupee is currently drawing a lot of support from equity inflows and the fact that the dollar globally is on the back foot,” said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking. He added that going forward, the rupee has scope to furth