Rupee gains for 3rd straight day; rises 17 paise to 73.05 against dollar

The rupee strengthened for the third straight session and closed 17 paise higher at 73.05 (provisional) against the US dollar tracking positive domestic equities

The rupee strengthened for the third straight session on Tuesday and closed 17 paise higher at 73.05 (provisional) against the US dollar tracking positive domestic equities and weakening of the American currency in the overseas market.

At the interbank forex market, the rupee opened at 73.18 and hit an intra-day high of 72.95 and a low of 73.18 during the session.

The local unit finally settled at 73.05, registering a gain of 17 paise over its previous close. On Monday, the rupee had closed at 73.22 against the US dollar.

The domestic unit has appreciated 37 paise in the last three trading sessions.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.40 per cent to 89.80.

On the domestic equity market front, the BSE Sensex ended 612.60 points or 1.24 per cent higher at 50,193.33, while the broader NSE Nifty advanced 184.95 points or 1.24 per cent to 15,108.10.

Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 2,255.84 crore, as per exchange data.

Brent crude futures, the global oil benchmark, rose 0.86 per cent to USD 70.06 per barrel.

Meanwhile, India's COVID-19 death toll climbed to 2,78,719 with a record 4,329 fresh fatalities, while the single day rise in coronavirus cases stood at 2.63 lakh, the lowest in 28 days, according to the Union Health Ministry data updated on Tuesday.