The rupee is 4 paise higher at 76.53 against the US dollar

Brent crude futures, the global oil benchmark, rose 0.23% to ₹105.56 a barrel

Brent crude futures, the global oil benchmark, rose 0.23% to ₹105.56 a barrel

The rupee erased initial losses to settle 4 paise higher at 76.53 (prelim) against the US dollar on Thursday, following positive domestic stocks.

The appreciation bias in the local unit is likely to be limited in the near term given the strong US currency, inflation concerns and fears over an aggressive pace of US interest rate hikes, traders said.

In the interbank FX market, the rupee opened at 76.60 against the greenback and has ranged from 76.43 to 76.71 in intraday trading. It finally closed at 76.53, up just 4 paise from its previous close of 76.57.

On Wednesday, the rupee was little changed against the US dollar at 76.57.

“The rupee weakened in the first half of the session but rose in the second half despite broader dollar gains. Precious Metals Analyst, Motilal Oswal Financial Services.

Inflation remains a concern for the central bank and it may continue to adopt a hawkish stance.

“The major currency pairs, the euro and the pound, remained under pressure against the US dollar. Today’s focus will be on the US GDP advance and weaker than expected data could limit dollar gains,” Mr Somaiya said.

On the domestic stock market front, the BSE Sensex closed up 776.72 points, or 1.23%, to 57,521.06, while the broader NSE Nifty was up 206.65 points, or 1.21%, to 17,245.05.

Brent crude futures, the global oil benchmark, rose 0.23% to ₹105.56 a barrel.

The dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.44% to 103.41.

Foreign institutional investors were net sellers in the capital market on Wednesday, selling ₹4,064.54 crore of shares, according to stock market data.

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