Rupee gains 3 paise to close at 82.37 against US dollar

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the rupee It rose by 3 pounds to close at 82.37 (temporary) against the US dollar on Monday, as the positive trend in local stocks and the weakness of the dollar supported investor sentiment.

In the interbank foreign exchange market, the local unit opened at 82.36 against the greenback and finally settled at 82.37 (temporary) against the dollar, recording a gain of 3 pounds from its previous close at 82.40.

During the trading session, the rupee touched the highest levels of 82.27 and 82.42 against the dollar.

The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.02 percent to 103.09.

global oil standard Brent Crude Futures It rose 0.68 percent to $75.50 a barrel.

According to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, the Indian rupee has appreciated amid positive domestic markets and a weak dollar. However, positive crude oil prices capped the sharp gains.

“We expect the Indian rupee to trade with a slight negative bias on dollar demand at the end of the month from importers and continued outflows of foreign investment indicator. Concerns about the credit crunch in the US and Europe due to the banking crisis may lead to a risk-off sentiment,” Chaudhary said.

Chowdhury also noted that the renewed geopolitical tensions over the Russian nuclear threat may lead to a safe haven demand for the dollar.

“We expect the USD/INR spot to trade in a range of $81.80 to $82.80 in the near term,” Chowdhury added.

On the domestic stock market front, the BSE Sensex rose in 30 shares, 126.76 points, or 0.22 percent. to close at 57,653.86, while the broader NSE Nifty Index rose 40.65 points, or 0.24 percent, to 16,985.70.

Foreign Institutional Investors (FIIs) They were net sellers in the capital market on Friday unloading shares worth Rs 1,720.44 crore, according to exchange data.

Meanwhile, India’s Forex Kitty rose by $12.798 billion to $572.801 billion in the week ending March 17.

In the previous reporting week, reserves fell by $2.39 billion to a three-month low of $560.003 billion.