Rupee rises 15 paise to close at 82.70 against US dollar

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The rupee rose by 15 paisa to 82.70 against the US dollar on Wednesday, buoyed by foreign capital inflows.

Forex dealers said the dollar’s strength against major competitors abroad and weak local stocks weighed on domestic unity and capped the rising bias.

In the interbank foreign exchange market, the local unit opened at 82.83 against the US dollar and settled at 82.70, up by 15 pounds from its previous close.

During the day, the local unit witnessed the highest level for the day at 82.64, and the lowest level at 82.84 in daily trading.

On Tuesday, the rupee was closed At 82.85 against the American currency.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.18 percent to 103.67.

global oil standard, Brent Crude FuturesIt rose 1.81 percent to $78.23 a barrel.

The rupee appreciated thanks to weak dollar inflows and FII inflows, said Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas.

Also read: Weekly Rupee Bid: INR is approaching a crucial support level, fueling a potential corrective rally

The US dollar rose against the safe-haven allure on Wednesday The debt ceiling impasse continues, which keeps the markets nervous. Chowdhury said that mixed to positive economic data from the US also supported the dollar.

“We expect the rupee to trade with a negative bias to risk aversion in global markets and higher crude oil prices. The stalemate over debt ceiling talks has deteriorated global risk sentiment.

“However, FII’s rupee flows may support lower levels. Traders may remain cautious ahead of the FOMC minutes for clues about the June FOMC. We expect USD/INR to trade between 82.30 to 83.30 in the near term.” Chaudhary added.

On the domestic stock market front, there are 30 BSE stocks Sensex shares fell 208.01 points or 0.34 percent to close at 61,773.78 points, the broader NSE Nifty fell 62.60 points Or 0.34 percent, to 18,285.40 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Tuesday buying shares worth Rs 182.51 crore, according to exchange data.