Rupee gains 6 paise to close at 82.00 against US dollar

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the rupee It held in a tight range and settled for the day up 6p at 82.00 (tentative) against the US dollar on Wednesday, as investors remained on the sidelines ahead of crucial US inflation data.

The large foreign money inflows, strong trend in local stocks and falling crude oil prices also supported the local unity, said forex dealers.

In the interbank foreign exchange market, the local unit opened at 82.06 against the US currency and finally closed at 82.00 (temporary), posting a gain of 6 pounds over its previous close.

During the session, the rupee touched a high of 81.96 and a low of 82.09 against the dollar.

On Tuesday, and The rupee closed at 82.06.000 TL against the American currency.

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Traders said investors were cautious as they await inflation data from the US expected later in the day.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.07 percent to 101.67.

Brent crude futures fell 1.39 percent to $76.36 a barrel.

Dilip Parmar, Research Analyst, said, “Indian rupee recovered after Tuesday’s sell-off as imported commodity prices fell ahead of crucial US inflation data. The domestic unit opened flat against the US dollar and consolidated between 82.09 to 81.96 with lower volumes,” said Dilip Parmar, analyst. Research. HDFC Securities.

In the near term, “we expect USD spot price to consolidate in the range of 82.30 to 81.80,” Parmar added.

Meanwhile, traders said India’s inflation data, due for release later in the week, would provide clues to the RBI’s next rate hike moves.

On the domestic stock market front, 30-share BSE Sensex leads by 178.87 points Or 0.29 percent, to close at 61,940.20 points, and the broader NSE Nifty index rose 49.15 points, or 0.27 percent, to 18,315.10 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Tuesday buying shares worth Rs 1,942.19 crore, according to exchange data.