Rupee on Monday closed at 75.55 against the US dollar
The rupee on Monday gained 0.25 per cent to start the current financial year higher, supported by a strong rally in domestic stocks.
The Sensex index rose 2.25 per cent to the 60,000-mark, fueled by intense buying in banking and financial stocks following the announcement of the merger of HDFC and HDFC Bank, reflecting bullish investor sentiments.
The rupee was last quoted at 75.50 against the dollar on Monday, Reuters quoted. At the same time, PTI reported in the Interbank Forex Market, the currency opened at 75.77 against the greenback and witnessed an intra-day high of 75.42 and a low of 75.79. It finally closed at 75.55, registering an increase of 19 paise from its previous close.
The rupee had gained 16 paise to close at 75.74 on Thursday, the last trading session of FY22. The interbank forex market closed on Friday to mark the closure of annual accounts of banks as the financial year ended on March 31.
The currency comes after closing the 2021-22 fiscal year with a loss of around 4 per cent, tracking a general rise in crude oil prices from the Russia-Ukraine war.
In recent sessions, the rupee has been helped by foreign institutional investors turning in favor of India’s capital markets.
In fact, the latest stock exchange data shows that FIIs remained net buyers in the capital market on Friday as they bought shares worth Rs 1,909.78 crore. That data does not yet reflect a strong rally on Monday.