Rupee gains 63 paise to close at 81.97 against US dollar

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the rupee It rose by 63 pounds to close at a one-month high of 81.97 (temporary) against the US dollar on Friday, as fresh foreign money inflows and positive local stocks supported investor sentiment.

forex traders said Positive services PMI data also boosted investor sentiment.

In the interbank foreign exchange market, the local unit opened at 82.28 against the US currency and finally settled at 81.97 (temporary) against the dollar, recording gains of 63 pounds from its previous closing at 82.60.

During the trading session, the rupee touched the highest level at 81.92 and the lowest level at 82.35 against the dollar.

Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said the Indian rupee touched a one-month high on hot services PMI data.

India’s services sector expanded at the strongest rate in 12 years in February supported by favorable demand conditions and new business gains, according to a monthly survey on Friday. The seasonally adjusted S&P Global India Services PMI of business activity rose from 57.2 in January to 59.4 in February – its highest level in 12 years.

“We expect the rupee to trade with a slight positive bias as global risk sentiment improves and new inflows of foreign direct investment. Weak crude oil prices may also support the local currency,” Chowdhury said.

However, any decline in the US dollar amid growing expectations from a hawkish Federal Reserve and concerns about a slowdown in India’s GDP growth He added that the price may limit the upside and affect the rupee at higher levels.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.19 percent to 104.82.

Brent crude oil, the global benchmark Crude oil futures It fell 0.55 percent to $84.28 a barrel.

On the domestic stock market front, The 30-share BSE Sensex advanced 899.62 points, or 1.53 percent, to close at 59,808.97.While the broader NSE Nifty index rose by 272.45 points, or 1.57 percent, to 17,594.35 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday buying shares worth Rs 12,770.81 crore, according to exchange data.