Rupee gains 21 paise to close at 81.74 against US dollar

the rupee It rose 21 pounds to close at 81.74 (temporary) against the US dollar on Wednesday, tracking the weakness of the US currency in foreign markets.

Forex traders said that the positive trend in domestic stocks has also supported domestic unity.

In the interbank foreign exchange market, the local unit opened at 82 against the US currency and finally closed at 81.74 (temporary), recording a profit of 21 pounds over the previous close.

During the session, the rupee touched a high of 81.68 and a low of 82.01 against the dollar.

On Tuesday, the rupee closed at 81.95 against the greenback.

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The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.43 percent to 101.42.

global oil standard Brent Crude Futures It rose 0.12 percent to $80.87 a barrel.

The rupee appreciated on positive domestic stocks and a weaker US dollar. However, the recovery in crude oil prices and FII outflows capped the sharp gains, said Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas.

The US dollar fell as recession fears grew amid disappointing economic data from the US and renewed banking concerns.

“We expect the rupee to appreciate due to a weaker US dollar as banking concerns heightened expectations that the Fed may tread dovishly on the upcoming Federal Open Market Committee (FOMC).

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“Concern about economic slowdown in the US may also put pressure on the dollar. However, selling pressure from foreign investors could lead to a sharp rally. We expect USD/INR to trade between 81.20 to 82.20 in the near term,” Chaudhary said.

On the domestic stock market front, 30-share BSE Sensex leads by 169.87 points Or 0.28 percent, to close at 60,300.58 points, and the broader NSE Nifty rose 44.35 points, or 0.25 percent, to 17,813.60 points.

Foreign Institutional Investors (FIIs) They were net sellers in the capital market on Tuesday as they unloaded shares worth ₹407.35 crore, according to exchange data.