Rupee settles on flat note at 82.82 against US dollar

the rupee It traded in a narrow range and settled for a second day higher at 82.82 (temporary) against the US dollar on Tuesday, amid a muted trend in local stocks.

Forex traders said the strength of the US currency capped sharp gains in the domestic unit.

In the interbank foreign exchange market, the local unit opened at 82.82 against the US currency and witnessed a high of 82.76 and a low of 82.84 during daily trading.

The local unit stabilized at 82.82 (temporary), recording a gain of 2 paise from its previous close.

On Monday, the rupee closed at 82.84 against the greenback.

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The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.32 percent to 103.52.

Brent crude futures fell 0.03 percent to $75.97 a barrel.

The rupee traded with a slight positive bias on positive domestic stocks and FII inflows. However, the positive US dollar capped the sharp gains, said Anuj Chowdhury – Research Analyst at Sharekhan by BNP Paribas.

The dollar rose amid optimism about debt ceiling talks and hawkish comments from US Federal Reserve officials.

“We expect the rupee to trade with a negative bias on risk-off sentiment in global markets amid uncertainty over debt ceiling talks and dollar strength.

Chowdhury said, “…we expect the US dollar pair to trade between 82.40 and 83.30 in the near term.”

On the domestic stock market front, 30-share BSE Sensex advanced by 18.11 points, or 0.03 per cent To close at 61,981.79 points, the broader NSE Nifty index rose 33.60 points, or 0.18 percent, to 18,348.00 points.

Foreign Institutional Investors (FIIs) They were net buyers in the capital market on Monday buying shares worth Rs 922.89 crore, according to exchange data.