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Indian Rupee Advances To 5-day High Against Dollar

Posted by: Insta Forex in Forex Analysis July 20, 2020

The Indian rupee climbed against the U.S. dollar in evening deals on Monday, as regional shares rose after strong earnings results from the HDFC Bank and as the Union Health Ministry said that India’s Covid-19 fatality rate is progressively falling.

The benchmark S&P BSE Sensex jumped 398.85 points, or 1.08 percent, to 37,418.99, driven by gains in financial and IT shares. The broader NSE Nifty index ended up 120.50 points, or 1.11 percent, at 11,022.20.

The Indian rupee rose to a 5-day high of 74.58 against the dollar from last week’s closing value of 74.75. The rupee is likely to face resistance around the 72.00 region, if it gains again.

The material has been provided by InstaForex Company – www.instaforex.com

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