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Rupees jump to 74.50 against US dollar but fails to hold gains

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Overturning previous gains, the rupee fell against the US dollar on July 6th in between volatile trade. Opening at 74.50, the rupee fell to 74.82 at day’s low in comparison to the last close of 74.64. Throughout the day till now, rupee traded between the range of 74.50 to 74. 82. Currently, rupee is trading at 74.76.

On week ending of June 26th, Reserve Bank of India, RBI’s forex reserves jumped up from $1.3 billion to $506.8 billion. The dollar index, which gauges the greenback’s strength against a basket of six currencies, feel 0.48% to 96.817.

The 30 share BSE benchmark Sensex was trading over 500 points higher, on the domestic equity market.

Foreign institutional investors were the net buyers in the capital market as they purchased shares of Rs. 857.29 crore on July 3rd, Friday, as per the provisional exchange data.

Meanwhile, brent crude futures, the global oil benchmark, rose 0.56% to $43.04 per barrel.

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