Rupee gains 5 paise to close at 81.97 against US dollar

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The rupee rose by 5 piasters to settle at 81.97 (temporary) against the US dollar on Monday, tracking the US currency’s weakness in overseas markets.

In the interbank foreign exchange market, the local unit opened at 81.90 against the US currency and finally closed at 81.97 (temporary) against the dollar, recording gains of 5 pounds from its previous close.

during the session, The rupee touched a high of 81.78 The lowest level is 81.98 against the dollar.

On Thursday, the rupee closed at 82.02 against the greenback. On April 7, the stock and forex markets are closed due to Good Friday.

The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.02 percent to 102.06.

The global oil benchmark, Brent crude futures rose 0.05 percent to $85.16 a barrel.

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According to Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas, prof Less-than-normal monsoon forecast by Skymet The dollar’s strength in early Asian trade weighed on the rupee but positive local stocks tempered the downside.

The Dollar strengthened as the Non-Farm Payrolls, albeit slightly below expectations, indicated a tight labor market. The unemployment rate also fell to 3.5 percent from 3.6 percent. Chowdhury said this increased the odds of the Fed raising interest rates by 25 basis points at the FOMC meeting in May.

“We expect the Indian rupee to trade with a slight negative bias to the strong US dollar and positive crude oil prices,” Chowdhury said. However, positive global markets and new FII inflows may support the rupee at lower levels.

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Investors may look forward to CPI data, the Federal Open Market Committee (FOMC), retail sales and industrial production data.

In terms of the local stock market, the benchmark indices continued their profitable march for the sixth day, with a share of 30 stocks BSE Sensex advanced 13.54 points, or 0.02 per cent to end at 59846.51 and above NSE Nifty rose 24.90 points, or 0.14 percent to 17,624.05.

Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday buying shares worth ₹475.81 crore, according to exchange data.