Rupee gains 15 paise to close at 81.91 against US dollar
the rupee It rose by 15 pounds to close at 81.91 (temporary) against the US dollar on Monday, as a Steady trend in local stocks The decline in crude oil prices boosted investor sentiment.
However, selling pressure from foreign institutional investors It may burden the rupee at higher levels.
In the interbank foreign exchange market, the local unit opened at 82.08 against the US currency and finally closed at 81.91 (temporary) against the dollar, recording gains of 15 pounds from its previous close.
During the session, the rupee touched highs of 81.88 and 82.09 against the dollar.
On Friday, the rupee settled at 82.06 against the US dollar.
The rupee appreciated on Monday on the back of strong local stocks and a weak US dollar. The weak trend in crude oil prices also supported the rupee. However, FII’s outflows capped the sharp gains, said Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas.
“We expect the rupee to trade on a positive tone in terms of easing global crude oil prices and positive domestic equities. The dollar may continue to weaken as the overall economic data continues to be quite weak, leading to increased recession fears,” Chowdhury said. .
Chowdhury added that according to him, selling pressure from fisheries companies may also affect the rupee at higher levels.
The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.17 percent to 101.64.
Brent crude futures, the global benchmark for oil, fell 0.29 percent to $81.42 a barrel.
In terms of the local stock market, BSE Sensex, which includes 30 shares, advanced 401.04 points, or 0.67 percent, to close at 60,056.10 points, and the broader NSE Nifty index rose 119.35 points, or 0.68 percent, to 17,743.40 points.
Exchange data showed that foreign institutional investors (FIIs) were net sellers in the capital market on Friday, unloading shares worth Rs 2,116.76 crore.
Meanwhile, India’s foreign exchange reserves increased by $1.657 billion to $586.412 billion as of April 14, according to data from the Reserve Bank of India released on Friday.