Rupee gains 25 paise to 75.66 against dollar on optimism over COVID-19 vaccine
India TV NewsThe rupee appreciated by 25 paise to settle at 75.66 against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trials boosted investor sentiment world over. Forex traders said besides the encouraging results in a COVID-19 vaccine trial, gains in domestic equities and a weak greenback in the overseas market supported the local unit. Forex traders further noted that the appreciation in the rupee might be a temporary phenomenon as domestic concerns surrounding the coronavirus can weigh on the local unit going forward. However, the rupee’s risk of depreciation still remains, as domestic concerns surrounding the virus will take the forefront," said Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking.