The rupee gains 18 paise to close at 76.43 against the US dollar


On Thursday, the rupee settled at 76.61 against the US currency.

On Thursday, the rupee settled at 76.61 against the US currency.

The rupee appreciated 18 paise to 76.43 (prelim) against the US dollar on Friday, following a weak overseas greenback and fresh foreign capital inflows.

In the interbank foreign exchange market, the domestic unit opened at 76.62 against the US dollar. It ranged from 76.63 to 76.29 in day trading.

The rupee finally closed at 76.43, up 18 paise from its previous close.

On Thursday, the rupee settled at 76.61 against the US currency.

According to HDFC Securities Research Analyst Dilip Parmar, the rupee rose on expectations of better inflows, a fall in the dollar index and a rebound in risky assets.

“Market participants are anticipating good inflows into LIC’s IPO following the recent oversubscription of Campus Activewear,” said Mr. Parmar.

In addition, the rupee has shown resilience among Asian currencies amid central bank interventions and inflows, he said.

“The dollar index is poised for some consolidation below 104 as technical indicators post some overbought readings. Bidders are waiting for a pullback and positioning for a rally on the back of hawkish Federal Reserves and policy divergence with other developed nations,” he noted.

Meanwhile, the dollar index, which gauges the dollar’s strength against a basket of six currencies, traded 0.57% lower to 103.03.

In the domestic stock market, the 30-stock BSE Sensex ended 460.19 points, or 0.80%, lower at 57,060.87, while the broader NSE Nifty fell 142.50 points, or 0.83%, to 17,102.55.

Brent crude futures, the global oil benchmark, rose 1.78% to $109.51 a barrel.

Foreign institutional investors remained net buyers in the capital market on Thursday as they bought £743.22 billion worth of shares, according to stock market data.

Leave a Reply

Your email address will not be published. Required fields are marked *