Rupee gains 3 paise to close at 82.09 against US dollar

The rupee held in a narrow range and settled for a third day higher at 82.09 (tentative) against the US dollar on Wednesday, as participants remained on the sidelines ahead of the release of retail inflation data.

In the interbank foreign exchange market, the local unit opened at 82.08 against the US currency and finally closed at 82.09 (temporary) against the dollar, recording gains of 3 pounds from its previous close.

during the session, The rupee touched a high of 82.01 The lowest level at 82.11 against the dollar.

On Tuesday, the rupee closed at 82.12 against the greenback.

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The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.15 percent to 102.04.

The global oil benchmark, Brent crude futures rose 0.32 percent to $85.88 a barrel.

“Indian rupee is advancing in water along with dollar index ahead of important inflation data from US and India. Rupee is consolidating in narrow range with little volume and volatility even after strength in local stocks and foreign money inflows,” said Dilip Parmar. Research Analyst, HDFC Securities.

The market is pricing in lower inflation readings after last week Surprising RBI stops.

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In the near term, spot USD-INR is expected to trade between 81.70 to 82.50.

On the domestic stock market front, there are 30 BSE stocks Sensex leads 235.05 points or 0.39 percent to end at 60,392.77 and the broader NSE Nifty gained 90.10 points or 0.51 percent, to 17,812.40.

Foreign institutional investors (FIIs) were net buyers in the capital market on Tuesday buying shares worth ₹342.84 crore, according to exchange data.