Mumbai: The rupee appreciated 25 paise to settle at 75.66 (provisional) against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trial boosted investor sentiment world over.
Forex traders said besides the encouraging results in COVID-19 vaccine trial, higher opening of domestic equities and a weak greenback in overseas market supported the local unit.
At the interbank foreign exchange, the rupee opened at 75.71, then gained further ground to finally settle at 75.66 against the American currency, registering a rise of 25 paise over its previous close.
On Monday, the rupee had settled at 75.91 against the US dollar.
During the trading session, the domestic unit saw an intra-day high of 75.63 and a low of 75.79 against the greenback.
In a significant development towards developing a vaccine for the coronavirus, an American biotechnology company on Monday said its initial vaccine tests in people have shown promising results and can stimulate an immune response against the virus.
Globally, over 48.05 lakh people have been infected by the virus and over 3.18 lakh have died.
We are deeply grateful to our readers & viewers for their time, trust and subscriptions.
Quality journalism is expensive and needs readers to pay for it. Your support will define our work and ThePrint’s future.
In India, the death toll due to COVID-19 rose to 3,163 and the number of cases climbed to over 1.01 lakh, according to the health ministry.
Meanwhile, domestic bourses were trading on a positive note on Tuesday with the benchmark Sensex surging 188.63 points to 30,217.61 and broader Nifty up 66.25 points at 8,889.50.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.16 per cent down at 99.50.
News media is in a crisis & only you can fix it
You are reading this because you value good, intelligent and objective journalism. We thank you for your time and your trust.
You also know that the news media is facing an unprecedented crisis. It is likely that you are also hearing of the brutal layoffs and pay-cuts hitting the industry. There are many reasons why the media’s economics is broken. But a big one is that good people are not yet paying enough for good journalism.
We have a newsroom filled with talented young reporters. We also have the country’s most robust editing and fact-checking team, finest news photographers and video professionals. We are building India’s most ambitious and energetic news platform. And we aren’t even three yet.
At ThePrint, we invest in quality journalists. We pay them fairly and on time even in this difficult period. As you may have noticed, we do not flinch from spending whatever it takes to make sure our reporters reach where the story is. Our stellar coronavirus coverage is a good example. You can check some of it here.
This comes with a sizable cost. For us to continue bringing quality journalism, we need readers like you to pay for it. Because the advertising market is broken too.
If you think we deserve your support, do join us in this endeavour to strengthen fair, free, courageous, and questioning journalism, please click on the link below. Your support will define our journalism, and ThePrint’s future. It will take just a few seconds of your time.