HomeBusinessRupee up 8 paise to close at 81.62 against US dollar

Rupee up 8 paise to close at 81.62 against US dollar

The rupee appreciated by 8 paise to close at 81.62 (provisional) against the American currency on Friday due to broader dollar weakness and improved risk sentiments.

Forex traders said positive domestic equities and foreign fund inflows supported the local unit.

At the interbank forex market, the local unit opened at 81.69 and touched an intra-day high of 81.44 and a low of 81.71 against the greenback.

Finally, the local unit closed at 81.62, up by 8 paise over its previous close.

On Thursday, the rupee strengthened by 23 paise to close at 81.70 against the US dollar.

Indian rupee appreciated on positive domestic equities and weak US dollar. Foreign fund inflows also supported the rupee, said Anuj Chowdhary, research analyst at Sharekhan by BNP Paribas.

The US dollar declined in the minutes of the Federal Open Market Committee (FOMC) as a majority of Federal Reserve policymakers agreed it would soon be appropriate to slow the pace of rate hikes. Chaudhary said this resulted in a boom in global markets and a decline in the appeal of safe investments.

“We expect the rupee to trade with a positive bias on a weaker dollar and improved risk sentiments amid expectations of a slower pace of rate hikes by the Fed. However, month-end dollar demand from importers and rising COVID- The concern over Covid-19 cases could escalate rapidly,” Mr Chowdhury said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.11% at 105.96.

Global oil benchmark Brent crude futures climbed 1.70% to $86.79 a barrel.

On the domestic equity market front, the 30-share BSE Sensex advanced 20.96 points or 0.03% to close at 62,293.64, while the broader NSE Nifty advanced 28.65 points or 0.15% to 18,512.75.

Foreign institutional investors (FIIs) turned net buyers in the capital market on Thursday as they bought shares worth Rs 1,231.98 crore, according to exchange data.

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