Rupee rises 5 paise to close at 82.38 against US dollar
The rupee gained 5 pounds to settle at 82.38 (temporary) against the US dollar on Tuesday, as a weak overseas US currency and strong macroeconomic data supported investor sentiment.
In the interbank foreign exchange market, the local unit opened at 82.42 against the US dollar and settled at 82.38 (temporary), up 5 piasters from its previous close.
During the day, the local unit witnessed an intraday high of 82.35 and a low of 82.47.
On Monday, the rupee closed at 82.43 against the greenback.
The dollar index fell 0.37 percent to 103.27.
Meanwhile, crude futures rose 1.53 percent to $73 a barrel.
Dilip Parmar said, “The dollar fell against most Asian currencies ahead of US inflation figures later in the evening. The drop in crude oil prices, risk sentiment, and upbeat economic data supported the rupee in today’s trading.” Research Analyst at HDFC Securities.
Ahead of the three major central banks’ policy decisions, Parmar said, risk sentiment remains at the fore, with stocks trading higher, while the US dollar is mostly down against major currencies.
“USD/INR immediate support at 82.25, 50 and 100 day simple moving average, and resistance at 82.70,” Parmar added.
On the domestic stock market front, mad cow disease Sensex advanced 418.45 points, or 0.67 percent, to close at 63,143.16 points and the broadest NSE Nifty The index rose 114.65 points, or 0.62 percent, to 18,716.15 points.
Foreign Institutional Investors (FIIs) They were net sellers in the capital market on Monday unloading shares worth Rs 626.62 crore, according to exchange data.
On the domestic macro front, retail inflation fell to a 25-month low of 4.25 percent in May, mainly due to lower food and fuel prices.
India’s industrial production growth rose to 4.2 percent in April from 1.7 percent in March 2023, mainly due to the good performance of the manufacturing and mining sectors, according to official data released on Monday.