Rupee strengthens against the US dollar, closes at 71.73
Stability in currencies of emerging markets helped the rupee recover after it touched a low of 72.04.
The rupee recovered slightly against the United States dollar on Friday. It opened at 71.92 per dollar, and touched a low of 72.04 and a high of 71.66 before settling at 71.73.
The currency strengthened as traders await the US non-farm payrolls data and expect Washington to impose more tariffs on Chinese imports, reported Mint. Stability in currencies of emerging markets such as the Argentinian peso and the Turkish lira also aided the recovery.
Other Asian currencies were also trading higher. Indonesian rupiah was up 0.5%, Philippines peso 0.27%, South Korean won 0.09%, Taiwan dollar 0.07%.
On Thursday, the rupee breached the 72-mark against the United States dollar for the first time ever, before recovering to finish at an all-time low of 71.98 per dollar, 23 paise below Wednesday’s close.
Meanwhile, domestic benchmark indices BSE Sensex and Nifty 50 gained on Friday. The Sensex closed higher by 147.01 points at 38,389.82 while the Nifty 50 rose 52.20 points to close at 11,589.10.
Hero MotoCorp, Bajaj Auto, Bharti Airtel, Mahindra and Tata Steel were among the top gainers on Sensex, whereas Yes Bank, Adani Ports, Sun Pharma, Power Grid and SBI were among the major losers.