Rupee rises 14 paise to close at 82.58 against US dollar

the rupee It rose by 14 pounds to 82.58 (temporary) against the US dollar on Friday, supported by foreign capital inflows and a positive trend in local stocks.

However, forex dealers said that the high level of the US dollar against major currencies abroad limited the upward movement in the domestic unit.

The dollar index is trading above the 104 level on safe-haven demand, as US President Joe Biden and Republican House Speaker Kevin McCarthy are said to be close to reaching an agreement on the US debt ceiling.

In the interbank foreign exchange market, the local unit opened at 82.73 against the US dollar and settled at 82.58 (temporary), up 14 pounds from its previous close.

During the day, the local unit witnessed the highest level for the day at 82.56, and the lowest level at 82.73 in daily trading.

On Thursday, the rupee closed at 82.72 against the American currency.

“The Indian rupee is erasing weekly losses amid a rally in local stocks followed by foreign money inflows and a rebound in Asian currencies,” said Dilip Parmar, Research Analyst, HDFC Securities.

Investors are watching a possible debt ceiling deal, which could happen over the weekend before the US holiday on Monday.

Parmar added, “Rupiah has been supported by attractive carry trades after recent pause from RBI. USDINR is expected to find support around 82.50 amid month-end inflows from MSCI rebalancing while 82.90 remains the biggest hurdle to pass.” .

The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.19 percent to 104.04.

global oil standard Brent Crude Futures It advanced 0.56 percent, to $76.69 a barrel.

On the domestic stock market front, 30-share BSE Sensex advanced 629.07 points, or 1.02 per cent To end at 62,501.69 points, the broader NSE Nifty index rose 178.20 points, or 0.97 percent, to 18,499.35 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Thursday buying shares worth Rs 589.10 crore, according to exchange data.