The rupee gains 16 paise to close at 76.24 against the US dollar


The rupee appreciated 16 paise to 76.24 (prelim) against the US dollar on Thursday, following positive domestic stocks.

In the interbank foreign exchange market, the domestic unit opened at 76.17 against the US dollar. It ranged from 75.99 to 76.30 during the session.

The rupee finally closed at 76.24, up 16 paise from its previous close.

The rupee settled at 76.40 on Wednesday.

The Indian rupee gained against the US dollar following a surprise rate hike by the Reserve Bank of India and as Federal Reserve Chairman Powell blocked a steeper 75 basis point rate hike in the coming months.

Additionally, inflows of foreign funds into local assets from LIC’s IPO helped sentiment.

However, firm crude oil prices weighed on the rupee and kept the appreciation bias limited.

Meanwhile, the Dollar Index, which gauges the dollar’s strength against a basket of six currencies, traded 0.22% higher to 102.81.

On the domestic stock market front, the 30-stock BSE Sensex closed up 33.20 points, or 0.06%, to 55,702.23, while the broader NSE Nifty was up 5.05 points, or 0.03%, to 16,682.65.

Brent crude futures, the global oil benchmark, rose 0.42% to $110.60 a barrel.

Foreign institutional investors were net sellers in the capital market on Wednesday, selling ₹3,288.18 crore of shares, according to stock market data.

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