Rupee 3 Paise higher to 76.90 against the US Dollar

The rupee rose 3 paise to close at 76.90 (prelim) against the US dollar on Tuesday, on positive domestic stocks and a weak dollar.

On the interbank FX market, the local unit opened at 77.02 against the greenback, seeing daily highs of 76.71 and lows of 77.05.

The rupee closed at 76.90, up 3 paise from its previous close.

On Monday, the rupee fell for a fourth straight session, falling 76 paise to close at 76.93 after hitting a lifetime low of 77 against the US dollar as crude prices plummeted amid the Russia-Ukraine crisis climbed to multi-year highs.

Forex traders said the rupee’s appreciation was limited as the deepening conflict between Russia and Ukraine has sapped risk appetite in the market and pushed investors towards safer assets.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.18% to 99.11.

On the domestic stock market front, the BSE Sensex closed up 581.34 points, or 1.10%, to 53,424.09, while the broader NSE Nifty was up 150.30 points, or 0.95%, to 16,013.45.

Brent crude futures, the global oil benchmark, rose 2.73% to $126.57 a barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, selling ₹7,482.08 crore of shares, according to stock market data.

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