Rupee gains for the fourth straight session  

#GS3 #Economy  

New virus drug buzz spurs currency  

  • The rupee extended its gaining streak for the fourth consecutive session with an appreciation of 57 paise against the dollar, backed by steady inflows and weakening of the dollar.  
  • After opening at 75.17 a dollar compared to the previous close of 75.66, the rupee appreciated to 74.94 before closing at 75.09 to a dollar.  
  • According to currency dealers, robust foreign fund inflows and positive mood in the domestic equity segment aided the gain of the currency, apart from weakness in dollar.  
  • The dollar index was trading 0.06% down at 99.50.  
  • The U.S. Federal Reserve kept key interest rates unchanged, but hinted it can [opt for] any measure to contain the economy which is why the dollar lost some gains in the overnight session in the U.S. Rupee has gained strength very rapidly from 77-75 in a matter of 7 trading sessions on the back of major positive cues of economic funding, COVID-19 treatments, and fewer cases in the last 10 days globally.  
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