Rupee spurts 31 paise to a month high against US dollar on stocks rally

The rupee rebounded by 34 pounds to close at a one-month high against the US dollar on Friday amid a rise in local stock indices to record highs and losses in crude oil prices.

Analysts said FII inflows into domestic equities and the greenback trading near one-month lows also boosted the rupee’s sentiment.

In the interbank foreign exchange market, the domestic unit opened higher at 81.97 and moved in a range of 82.02 to 81.86 in daily trades.

The unit settled at 81.94 against the US dollar, reflecting gains of 31 pounds from the previous close.

On Thursday, the rupee settled lower at 82.25 per dollar due to the strong offshore dollar and the negative trend in local stocks.

Crude oil prices traded lower on Friday with Brent crude falling 0.58 percent to $75.23 per barrel.

The dollar index rose marginally by 0.08 percent, at 102.20.

In the local stock market, BSE Sensex rose by 466.95 points to settle at a lifetime high of 63,384.58, while NSE Nifty rose by 137.90 points to close at a record high of 18,826 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Thursday buying shares worth ₹3,085.51 crore, according to exchange data.