HomeBusinessThe rupee closed 37 paise higher at 81.36 against the US dollar...

The rupee closed 37 paise higher at 81.36 against the US dollar as RBI cut rates by 50 bps. increased by

On Thursday, the rupee recovered from a record low and closed 20 paise higher at 81.73 against the dollar.

On Thursday, the rupee recovered from a record low and closed 20 paise higher at 81.73 against the dollar.

The rupee on Friday closed 37 paise higher at 81.36 against the US dollar after the Reserve Bank of India raised the benchmark lending rate by 50 basis points.

In the interbank forex market, the local unit opened at 81.60 against the greenback. It saw intra-day high 81.17 and low 81.69 during the session.

It finally closed at 81.36, up 37 paise from its previous close.

On Thursday, the rupee recovered from a record low and closed 20 paise higher at 81.73 against the dollar.

The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points, the fourth consecutive hike since May, as it escalated its fight to contain high inflation.

The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the prime lending rate or repo rate to 5.90% – the highest since April 2019 – with five out of six members voting in its favour. did. Growth.

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services, said, “The rupee strengthened sharply in today’s session after the RBI decided to hike rates by 50 bps.”

MPC focuses on calibrated clearance of housing. Uncertainty remains over inflation and delay in withdrawal of monsoon is affecting vegetable prices. The Indian economy remains resilient despite global adversities.

Mr. Somaiya said, “India’s central bank is encouraging government refiners to reduce dollar buying in the spot market to prevent sharp depreciation in the rupee. Dollar retreated from higher levels ahead of core PCE index numbers. ” “We expect USD-INR (Spot) to bid in the range of 81.20 and 82.05,” it said. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.42% to 111.78.

Global oil benchmark Brent crude futures rose 0.84% ​​to $89.23 a barrel.

In the domestic equity market, the 30-share BSE Sensex jumped 1,016.96 points or 1.80% at 57,426.92 and the broader NSE Nifty ended 276.25 points or 1.64% higher at 17,094.35.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 3,599.42 crore on Thursday, according to exchange data.

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