Rupee rises 12 paise to close at 81.96 against US dollar
the rupee It gained 12 pounds to close at 81.96 (tentative) against the US dollar on Thursday, as local stock indices all-time highs and weakness in the US currency abroad boosted investor sentiment.
Besides, forex dealers said steady inflows of foreign funds into local capital markets supported local unity.
In the interbank foreign exchange market, the local unit opened at 82.05 against the US dollar and settled up 12 baisas at 81.96 (temporary) against the previous close.
During the day, the local unit witnessed an intraday high of 81.97 and a low of 82.05.
On Wednesday, the rupee closed at 82.08 against the dollar.
The rupee traded with a slight positive bias on positive domestic markets and a weak dollar. The local stock market touched new all-time highs, boosting the local currency.
“We expect the rupee to trade with a slight negative bias on the fundamental strength of the dollar ahead of next week’s FOMC meeting. Rising Crude oil prices “Weak Asian currencies may also affect the rupee,” said Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas.
However, the sudden rise in domestic stocks and steady foreign inflows may support the rupee at lower levels. “Traders may take cues from the weekly Unemployment Claims and Philly Fed Manufacturing PMI data from the US. We expect USD spot to trade between 81.60 to 82.50 in the near term,” Chaudhary said.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.10 percent to 100.18.
Brent Crude FuturesThe global oil index rose 0.11 percent to $79.55 a barrel.
On the domestic stock market front, there are 30 BSE stocks Sensex It closed up 474.46 points, or 0.71 percent, at 67,571.90 points. broader NSE elegant It rose 146.00 points, or 0.74 percent, to 19,979.15.
foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday buying shares worth Rs 1,165.47 crore, according to exchange data.