Indian Rupee strengthens against US Dollar

New Delhi, 31 December: The Indian rupee closed on the last day of the year on Thursday for the sixth consecutive trading session against the dollar. The rupee gained 24 paise to end at 73.07 per dollar. The weakness in the US currency strengthened the rupee.

According to money market experts, the global economic revival, the expectation of the Covid-19 vaccine being introduced and the extraordinary fiscal and monetary stimulus have led to improved market sentiment.

The rupee opened at 73.15 per dollar in the interbank foreign exchange market. It rose to a high of 73.01 per dollar during trading and also reached a low of 73.17 per dollar. The rupee finally ended with a gain of 24 paise to close at 73.07 per dollar.

It is noteworthy that the Indian rupee had gained 11 paise to close at its two-month high of 73.31 per dollar on Wednesday. The rupee has gained 77 paise in six trading sessions.

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