Rupee up 29 paise to close at 82.37 against US dollar

(PTI) The rupee rose 29 paise to close at 82.37 (interim) against the US dollar on Monday, supported by a weaker overseas greenback and a solid trend in equities domestic.

In the interbank foreign exchange market, the domestic unit opened at 82.41 and hit an intraday high of 82.25 and a low of 82.44 against the greenback.

It ended up at 82.37 (temporary), recording a 29 paise gain from the previous close.

On Friday, the rupee was steady at 82.66 against the dollar.

The dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.24% to 103.62.

According to Dilip Parmar, Research Analyst, HDFC Securities, the rupee strengthened against Asian currencies and touched a one-month high.

“Over the past few days, the rupee has underperformed against regional currencies amid widespread current account deficits and foreign capital outflows. But now, when looking at With recent high-frequency data and a rebound in risk assets, we could see the rupee starting to catch up with other Asian currencies,” Parmar said.

The short-term focus will be on the movement of the Chinese yuan and this week’s US and Indian inflation data, he added.

In terms of domestic equity markets, the 30-share BSE Sensex rose 846.94 points or 1.41% to 60,747.31, while the broader NSE Nifty rose 241.75 points or 1.35% to 18,101.20.

The global benchmark Brent crude oil price rose 3.27% to $81.14 a barrel.

Foreign institutional investors (FII) were net sellers in the capital markets on Friday as they reduced the price of shares worth $2,902.46 crore, according to exchange data.

Why does the rupee fluctuate against the dollar?

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Why does the rupee fluctuate against the dollar?

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