Rupee Gives Up Early Gains, Ends At 74.68 Against Dollar

Rupee Gives Up Early Gains, Ends At 74.68 Against Dollar

Rupee Vs Dollar: The rupee has recovered2.85% from an all-time low of 76.91 registered in April

Rupee Vs Dollar Today: The rupee ended a volatile session marginally lower on Monday after the government said the country's gross domestic product (GDP) is expected to contract 4.2 per cent in 2020. The rupee moved in a range of 74.50-74.82 against the greenback in the four-hour session, before shutting shop at 74.68, having started the day stronger at 74.50 compared to its previous close of 74.64. At the current level, the rupee has recovered 2.85 per cent from an all-time low of 76.91 registered in April, but is still down 4.65 per cent against the US currency so far this year.

Domestic equity markets registered sharp gains  Monday, jumping aboard a China-driven rally in global shares, with HDFC Bank gaining after it reported strong loan growth through the first months of the COVID-19 crisis. Benchmark indices closed higher for a fourth session in a row. The Sensex ended up 1.29 per cent higher at 36,487.28, and the Nifty climbed up 1.47 per cent to 10,763.65 - both four-month peaks.

Crude oil prices registered mild gains  supported by tighter supplies. Brent crude futures - the global benchmark for crude oil - were last seen trading 0.40 per cent higher at $42.98 per barrel, following a 4.30 per cent gain last week. However concern that a spike in coronavirus cases could curb oil demand in the US kept the upside in check.

The dollar index - which measures the greenback against six other currencies - was last seen trading near its intraday low of 96.74, down 0.44 per cent compared to the previous day.  

Currency markets currently operate within reduced trading hours due to the coronavirus-induced lockdown. The temporary timings are from 10 am to 2 pm, instead of the normal timings of 9 am to 5 pm.