WEEKLY CURRENCY REPORT:INDIAN RUPEE ENDS THE WEEK 0.38% HIGHER AGAINST US DOLLAR

On a weekly basis, the rupee appreciated 28 paise against the US dollar. USD/INR touched low at 72.36 and high at 72.76. At the beginning of the week, Rupee gained 33 paise to close at 72.46 due to rising foreign portfolio investments and falling bond yields in the US, post President Joe Biden signed the $1.9 trillion stimulus. On Tuesday, rupee closed 9 paise lower at 72.55 against the US dollar amid muted domestic markets and on disappointing macroeconomic data. The rupee closed flat due to losses in the equity markets and a strengthening dollar against major currencies overseas kept the pressure on the rupee on Wednesday. Rupee gained by 4 paise to 72.51 against the US dollar in opening trade, supported by positive domestic equity markets and easing crude prices on Thursday. Rupee closed at 72.52 against the American currency on a flat note amid a firm trend in domestic equity markets and a stronger dollar in overseas markets on Friday.