Rupee rises by 27 paise to 73.11; logs over 3% gain in FY2020-21

Mumbai: The rupee closed higher by 27 paise at 73.11 (provisional) against the US dollar on Wednesday and ended the fiscal on a strong note with a gain of over 3 per cent despite coronavirus-induced disruptions on the economic

front.

At the interbank forex market, the local unit opened at 73.56 against the greenback and witnessed an intra-day high of 73.05 and a low of 73.58.

It finally ended at 73.11against the American currency, registering a rise of 27 paise over its previous closing. On Tuesday, the rupee had settled at 73.38 against the American currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 93.20.

Forex traders said market participants remained cautious as the Indian currency market will remain shut for the next two sessions. The market will be closed on Thursday and Friday for annual bank closing and Good Friday holiday, respectively.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 769.47 crore on Tuesday, according to exchange data.

Meanwhile, the dollar index inched lower ahead of US President Biden's announcement of the infrastructure plan.

In the international markets, the dollar was trading marginally in the red this Wednesday afternoon trade.