Rupee closes flat at 82.03 against US dollar as rate hike worries cap gain
the rupee It closed flat at 82.03 (tentative) against the US dollar in restricted trading on Friday amid a rally in local stocks and flat crude oil prices.
While foreign investment inflows into stocks supported the rupee, analysts said the steady US dollar in global markets and gains in crude oil prices limited its gains.
The rupee opened weak at 82.05 in the interbank foreign exchange market due to flat crude oil prices in Asian trade. moved in A narrow range from 82.00 to 82.07 in daily trading.
The local unit settled at 82.03 (temporary) against the US dollar. The rupee closed at the same level on Wednesday.
The forex markets are closed on Thursday for the Packride holiday.
The dollar index, which measures the strength of the US currency against a basket of six currencies, rose 0.09 percent to 103.43 as expectations of the US Federal Reserve raising interest rates increased.
Traders are anticipating the US Federal Reserve to raise interest rates further after a pause in June following a solid batch of US economic data.
According to data released on Thursday, the US economy grew stronger than expected at 2 percent in the first quarter of this year, while the number of jobless claims decreased that the labor market remains strong despite much higher interest rates aimed at slowing the overall economy.
Brent crude, the global benchmark for oil, was trading up 0.61 percent at $74.79 a barrel.
In the local stock market, the Sensex and Nifty benchmarks hit all-time highs on Friday. 30 servings BSE Sensex closed at a record high of 64,718.56, Nifty climbed to a peak of 19,189.05 Central point of new inflows of foreign funds.
Foreign portfolio investors emerged as net buyers in the capital market on Wednesday buying shares worth Rs 12,350 crore, according to exchange data.