Rupee rises 18 paise to 82.58 against US dollar

The rupee reversed its four-day losing streak and rose 18 pesos to 82.58 (tentative) against the US dollar on Friday, tracking positive sentiment in local equity markets.

Traders said the dollar’s weakness abroad also supported the rupee.

In the interbank foreign exchange market, the local unit opened strongly at 82.50 against the dollar and traded between 82.50 and 82.75. It finally settled at 82.58 (temporary) against the greenback, recording a gain of 18 baisa against its previous close.

Thursday , rupee It settled at 82.76 against the US dollar.

Jatin Trivedi, Vice President Research Analyst at LKP Securities, said the move in favor of the rupee was triggered as participants unloaded the dollar following “positive sentiments as eleven US banks, JPMorgan and others will deposit up to $30 billion in First Republic Bank.” Next Bank. To rescue a lender who has fallen into a crisis caused by the collapse of American lenders.

However, he said, “Rupiah can continue with volatile moves as rates should take into account the Fed’s policy and Fed’s view of the financial sector affected by the cycle of rising interest rates.”

Meanwhile, the dollar index traded down 0.21 percent, at 104.20.

Brent crude futures rose 1.26 percent to $75.64 a barrel.

BSE Sensex It closed up 355.06 points, or 0.62 percent, at 57,989.90 points. NSE Nifty It jumped 114.45 points, or 0.67 percent, at 17,100.05 points.

Foreign Institutional Investors (FIIs) remained net sellers in the domestic capital market on Thursday as they unloaded shares worth Rs 282.06 crore, according to exchange data.