Rupee falls 3 paise to close at 81.82 against US dollar

the rupee It pared all its initial gains to settle at 81.82 (temporary) at 81.82 (temporary) against the US currency on Friday amid the strength of the dollar abroad.

However, forex dealers said the strong sentiment in the local stock market limited the rupee depreciation bias.

In the interbank foreign exchange market, the local unit opened at 81.77 against the dollar and finally closed at 81.82 (temporary), down 3 pounds from its previous close.

During the day, the rupee saw a high of 81.72 and a low of 81.85 against the dollar.

On Thursday, the rupee closed at 81.79 against the greenback.

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Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.51 percent to 102.02.

Brent crude futures, the global oil benchmark, advanced 0.45 percent to $78.72 a barrel.

The value of the rupee depreciated due to the strength of the US dollar and the recovery in crude oil prices. However, positive domestic equity and foreign investment inflows tempered the decline, said Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas.

The US dollar strengthened on strong earnings from IT companies and as US inflation data released on Thursday raised expectations for a tightening of the Federal Open Market Committee (FOMC).

“We expect the rupee to trade with a slight positive slope as risk appetite rises in global markets and fresh inflows from foreign investors. However, a strong US dollar may prevent a sharp rise in the rupee,” Chowdhury said.

Chowdhury said traders may remain cautious ahead of India’s fiscal deficit and core PCE deflator from the US, which is the preferred measure of inflation used by the US Federal Reserve, adding that “we expect USD/INR to trade between 81.30 to 82.20 in the near term.” “.

On the domestic stock market front, 30-share BSE Sensex closed up 463.06 points, or 0.76 percent with 61,112.44 points. The broader NSE Nifty index advanced 149.95 points, or 0.84 percent, to 18,065.00 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Thursday buying shares worth Rs 1,652.95 crore, according to exchange data.