Rupee rises 15 paise to close at 82.10 against US dollar
The rupee gained 15 pounds to settle at 82.10 (temporary) against the US dollar on Wednesday, supported by strong macro fundamentals, FII inflows, and dollar weakness against major competitors abroad.
In the interbank foreign exchange market, the local unit opened at 82.28 against the US dollar and settled at 82.10 (temporary), up 15 pounds from its previous closing amid a positive trend in local stocks.
During the day, the local unit witnessed an intraday high of 82.08 and a low of 82.32.
On Tuesday, the rupee was closed At 82.25 against the American currency.
“The Indian rupee rose to a one-month high on reports of positive corporate and domestic equity inflows,” said Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas.
Chowdhury added that a weaker US dollar also supported the rupee, while some recovery in crude oil prices capped sharp gains. The US dollar fell amid growing expectations of a halt in interest rate hikes by the US Federal Reserve.
“We expect the rupee to trade with a positive bias for dollar weakness and expectations of no rate hikes by the US Federal Reserve.
“Rising risk appetite in global markets may also support the rupee. However, positive tone in crude oil prices may lead to a sharp rise. We expect spot USD/INR to trade between 81.60 to 82.50 in the near term,” Chowdhury added.
The dollar index fell 0.18 percent to 103.15.
Meanwhile, Brent crude futures rose 1.09 percent to $75.10 a barrel.
On the domestic stock market front, 30-share mad cow disease Sensex advanced 85.35 points, or 0.14 percent, to close at 63,228.51 points and the broadest NSE Nifty It rose 39.75 points, or 0.21 percent, to 18,755.90 points.
Foreign Institutional Investors (FIIs) They were net buyers in the capital markets on Tuesday buying shares worth Rs 1,677.60 crore, according to exchange data.
On the domestic macro front, the Inflation based on wholesale prices fell to a 3-year low of (-) 3.48 percent in May Regarding easing the prices of food, fuel and manufactured materials, which strengthens the argument for continuing to stop raising interest rates in the coming months of the current fiscal year.